12-5248.Same; issuance of special obligation bonds;
payment; procedure for issuance; tax exempt status; limitations.
(a) (1) Any city or county which has established a housing
incentive district as provided in this act may issue special obligation bonds
to finance the implementation of the plan adopted for the district by the
governing body. Such special obligation bonds shall be made payable, both as to
principal and interest:
(A) From property tax increments allocated to, and paid into a special fund
of the city or county under the provisions of subsection (b) of K.S.A.
12-5250, and amendments thereto;
(B) from revenues of the city or county derived from or held in connection
with the implementation of the project or projects in the district;
(C) from any private sources, contributions or other financial assistance
from the state or federal government;
(D) from any financial sureties or other guarantees provided by the
developer;
(E) from a pledge of any other lawfully available city or county revenue
sources, including, but not limited to: (1) a portion of all increased
franchise fees collected from utilities and other businesses using public
rights-of-way within the district; or (2) a portion of the sales
and use tax revenues received by the city or county and collected pursuant to
K.S.A. 12-187, and
amendments thereto; or
(F) by any combination of these methods.
The city or county may pledge such revenue to the repayment of such special
obligations bonds prior to, simultaneously with, or subsequent to the issuance
of such special obligation bonds.
(2) Bonds issued under this subsection shall not be general obligations of
the city or
county, not [nor] in any event shall they give rise to a charge against
the general
credit or taxing powers of the city or county, or be payable out of any funds
or properties other than any of those set forth in this subsection. Such bonds
shall so state on their face.
(3) The bonds issued under the provisions of this subsection shall be
special obligations of the city or county and are declared to be negotiable
instruments. The bonds shall be executed by the mayor and clerk of the city or,
in the case of counties, by the chairman of the board of county commissioners
and clerk of the county, and shall be sealed with the corporate seal of the
city or the seal of the county. All details pertaining to the issuance of such
special obligation bonds shall be determined by ordinance of the city or
resolution of the county. All special obligation bonds issued pursuant to this
act shall be exempt from all state taxes except inheritance taxes. The special
obligation bonds shall contain none of the recitals set forth in
K.S.A. 10-112, and amendments thereto. The special obligation bonds shall
contain the following recitals, viz., the authority under which such special
obligation bonds are issued, they are in conformity with the provisions,
restrictions and limitations thereof, and that such special obligation bonds
and the interest thereon are to be paid from the money and revenue received as
provided in paragraph (1) of this subsection.
(4) The maximum maturity on bonds issued to finance projects pursuant to
this act shall not exceed 15 years.
(5) Any city or county issuing special obligation bonds under the provisions
of this act may refund all or part of such issue pursuant to the provisions of
K.S.A. 10-116a, and
amendments thereto.
(b) In the event the city or county shall default in the payment of any
special obligation bonds as authorized pursuant to paragraph (1) of subsection
(a) of this section, and amendments thereto, no public funds shall be used to
pay the holders thereof except as otherwise specifically authorized in this
act.
(c) Any and all terms, conditions, exclusions and limitations which are
otherwise applicable to bonds issued by authority of K.S.A. 12-1774, shall
also be applicable to bonds issued pursuant to this section.
12-5248.Same; issuance of special obligation bonds;
payment; procedure for issuance; tax exempt status; limitations.
(a) (1) Any city or county which has established a housing
incentive district as provided in this act may issue special obligation bonds
to finance the implementation of the plan adopted for the district by the
governing body. Such special obligation bonds shall be made payable, both as to
principal and interest:
(A) From property tax increments allocated to, and paid into a special fund
of the city or county under the provisions of subsection (b) of K.S.A.
12-5250, and amendments thereto;
(B) from revenues of the city or county derived from or held in connection
with the implementation of the project or projects in the district;
(C) from any private sources, contributions or other financial assistance
from the state or federal government;
(D) from any financial sureties or other guarantees provided by the
developer;
(E) from a pledge of any other lawfully available city or county revenue
sources, including, but not limited to: (1) a portion of all increased
franchise fees collected from utilities and other businesses using public
rights-of-way within the district; or (2) a portion of the sales
and use tax revenues received by the city or county and collected pursuant to
K.S.A. 12-187, and
amendments thereto; or
(F) by any combination of these methods.
The city or county may pledge such revenue to the repayment of such special
obligations bonds prior to, simultaneously with, or subsequent to the issuance
of such special obligation bonds.
(2) Bonds issued under this subsection shall not be general obligations of
the city or
county, not [nor] in any event shall they give rise to a charge against
the general
credit or taxing powers of the city or county, or be payable out of any funds
or properties other than any of those set forth in this subsection. Such bonds
shall so state on their face.
(3) The bonds issued under the provisions of this subsection shall be
special obligations of the city or county and are declared to be negotiable
instruments. The bonds shall be executed by the mayor and clerk of the city or,
in the case of counties, by the chairman of the board of county commissioners
and clerk of the county, and shall be sealed with the corporate seal of the
city or the seal of the county. All details pertaining to the issuance of such
special obligation bonds shall be determined by ordinance of the city or
resolution of the county. All special obligation bonds issued pursuant to this
act shall be exempt from all state taxes except inheritance taxes. The special
obligation bonds shall contain none of the recitals set forth in
K.S.A. 10-112, and amendments thereto. The special obligation bonds shall
contain the following recitals, viz., the authority under which such special
obligation bonds are issued, they are in conformity with the provisions,
restrictions and limitations thereof, and that such special obligation bonds
and the interest thereon are to be paid from the money and revenue received as
provided in paragraph (1) of this subsection.
(4) The maximum maturity on bonds issued to finance projects pursuant to
this act shall not exceed 15 years.
(5) Any city or county issuing special obligation bonds under the provisions
of this act may refund all or part of such issue pursuant to the provisions of
K.S.A. 10-116a, and
amendments thereto.
(b) In the event the city or county shall default in the payment of any
special obligation bonds as authorized pursuant to paragraph (1) of subsection
(a) of this section, and amendments thereto, no public funds shall be used to
pay the holders thereof except as otherwise specifically authorized in this
act.
(c) Any and all terms, conditions, exclusions and limitations which are
otherwise applicable to bonds issued by authority of K.S.A. 12-1774, shall
also be applicable to bonds issued pursuant to this section.
12-5248.Same; issuance of special obligation bonds;
payment; procedure for issuance; tax exempt status; limitations.
(a) (1) Any city or county which has established a housing
incentive district as provided in this act may issue special obligation bonds
to finance the implementation of the plan adopted for the district by the
governing body. Such special obligation bonds shall be made payable, both as to
principal and interest:
(A) From property tax increments allocated to, and paid into a special fund
of the city or county under the provisions of subsection (b) of K.S.A.
12-5250, and amendments thereto;
(B) from revenues of the city or county derived from or held in connection
with the implementation of the project or projects in the district;
(C) from any private sources, contributions or other financial assistance
from the state or federal government;
(D) from any financial sureties or other guarantees provided by the
developer;
(E) from a pledge of any other lawfully available city or county revenue
sources, including, but not limited to: (1) a portion of all increased
franchise fees collected from utilities and other businesses using public
rights-of-way within the district; or (2) a portion of the sales
and use tax revenues received by the city or county and collected pursuant to
K.S.A. 12-187, and
amendments thereto; or
(F) by any combination of these methods.
The city or county may pledge such revenue to the repayment of such special
obligations bonds prior to, simultaneously with, or subsequent to the issuance
of such special obligation bonds.
(2) Bonds issued under this subsection shall not be general obligations of
the city or
county, not [nor] in any event shall they give rise to a charge against
the general
credit or taxing powers of the city or county, or be payable out of any funds
or properties other than any of those set forth in this subsection. Such bonds
shall so state on their face.
(3) The bonds issued under the provisions of this subsection shall be
special obligations of the city or county and are declared to be negotiable
instruments. The bonds shall be executed by the mayor and clerk of the city or,
in the case of counties, by the chairman of the board of county commissioners
and clerk of the county, and shall be sealed with the corporate seal of the
city or the seal of the county. All details pertaining to the issuance of such
special obligation bonds shall be determined by ordinance of the city or
resolution of the county. All special obligation bonds issued pursuant to this
act shall be exempt from all state taxes except inheritance taxes. The special
obligation bonds shall contain none of the recitals set forth in
K.S.A. 10-112, and amendments thereto. The special obligation bonds shall
contain the following recitals, viz., the authority under which such special
obligation bonds are issued, they are in conformity with the provisions,
restrictions and limitations thereof, and that such special obligation bonds
and the interest thereon are to be paid from the money and revenue received as
provided in paragraph (1) of this subsection.
(4) The maximum maturity on bonds issued to finance projects pursuant to
this act shall not exceed 15 years.
(5) Any city or county issuing special obligation bonds under the provisions
of this act may refund all or part of such issue pursuant to the provisions of
K.S.A. 10-116a, and
amendments thereto.
(b) In the event the city or county shall default in the payment of any
special obligation bonds as authorized pursuant to paragraph (1) of subsection
(a) of this section, and amendments thereto, no public funds shall be used to
pay the holders thereof except as otherwise specifically authorized in this
act.
(c) Any and all terms, conditions, exclusions and limitations which are
otherwise applicable to bonds issued by authority of K.S.A. 12-1774, shall
also be applicable to bonds issued pursuant to this section.