Article 56.--TOPEKA/SHAWNEE COUNTY RIVERFRONT AUTHORITY
12-5607.Equipment; purchase, agreements and
leases.
(a) The authority shall have power to purchase equipment such as
land,
riparian
rights, dams and docks, recreational equipment and public improvements, and may
execute agreements, leases and equipment trust certificates. All money required
to
be paid by the authority under the provisions of such agreements, leases and
equipment trust certificates shall be payable solely from the revenue or income
to be
derived from the riverfront authority and from grants. Payment for such
equipment,
or rentals therefor, may be made in installments, and the deferred installments
may
be evidenced by equipment trust certificates payable solely from such revenue
or
income, and title to such equipment shall not vest in the authority until the
equipment trust certificates are paid.
(b) The agreement to purchase may direct the vendor to sell and assign the
equipment to a bank or trust company, duly authorized to transact business in
the
state of Kansas, as trustee, for the benefit and security of the equipment
trust
certificates and may direct the trustee to deliver the equipment to one or more
designated officers of the authority and may authorize the trustee
simultaneously
therewith to execute and deliver a lease of the equipment to the authority.
(c) The agreements and leases shall be duly acknowledged before some person
authorized by law to take acknowledgments of deeds and in the form required for
acknowledgment of deeds and such agreements, leases and equipment trust
certificates shall be authorized by vote of the board and shall contain such
covenants,
conditions and provisions as may be deemed necessary or appropriate to insure
the
payment of the equipment trust certificates from the revenue or income to be
derived from the riverfront authority.
(d) The covenants, conditions and provisions of the agreements, leases and
equipment trust certificates shall not conflict with any of the provisions of
any trust
agreement securing the payment of bonds or certificates of the authority.
(e) An executed copy of each such agreement and lease shall be filed in the
office of
the city and county clerk of the city and county in which said authority is
operating
and such filing shall constitute notice to any subsequent judgment creditor or
any
subsequent purchaser.
Article 56.--TOPEKA/SHAWNEE COUNTY RIVERFRONT AUTHORITY
12-5607.Equipment; purchase, agreements and
leases.
(a) The authority shall have power to purchase equipment such as
land,
riparian
rights, dams and docks, recreational equipment and public improvements, and may
execute agreements, leases and equipment trust certificates. All money required
to
be paid by the authority under the provisions of such agreements, leases and
equipment trust certificates shall be payable solely from the revenue or income
to be
derived from the riverfront authority and from grants. Payment for such
equipment,
or rentals therefor, may be made in installments, and the deferred installments
may
be evidenced by equipment trust certificates payable solely from such revenue
or
income, and title to such equipment shall not vest in the authority until the
equipment trust certificates are paid.
(b) The agreement to purchase may direct the vendor to sell and assign the
equipment to a bank or trust company, duly authorized to transact business in
the
state of Kansas, as trustee, for the benefit and security of the equipment
trust
certificates and may direct the trustee to deliver the equipment to one or more
designated officers of the authority and may authorize the trustee
simultaneously
therewith to execute and deliver a lease of the equipment to the authority.
(c) The agreements and leases shall be duly acknowledged before some person
authorized by law to take acknowledgments of deeds and in the form required for
acknowledgment of deeds and such agreements, leases and equipment trust
certificates shall be authorized by vote of the board and shall contain such
covenants,
conditions and provisions as may be deemed necessary or appropriate to insure
the
payment of the equipment trust certificates from the revenue or income to be
derived from the riverfront authority.
(d) The covenants, conditions and provisions of the agreements, leases and
equipment trust certificates shall not conflict with any of the provisions of
any trust
agreement securing the payment of bonds or certificates of the authority.
(e) An executed copy of each such agreement and lease shall be filed in the
office of
the city and county clerk of the city and county in which said authority is
operating
and such filing shall constitute notice to any subsequent judgment creditor or
any
subsequent purchaser.
Article 56.--TOPEKA/SHAWNEE COUNTY RIVERFRONT AUTHORITY
12-5607.Equipment; purchase, agreements and
leases.
(a) The authority shall have power to purchase equipment such as
land,
riparian
rights, dams and docks, recreational equipment and public improvements, and may
execute agreements, leases and equipment trust certificates. All money required
to
be paid by the authority under the provisions of such agreements, leases and
equipment trust certificates shall be payable solely from the revenue or income
to be
derived from the riverfront authority and from grants. Payment for such
equipment,
or rentals therefor, may be made in installments, and the deferred installments
may
be evidenced by equipment trust certificates payable solely from such revenue
or
income, and title to such equipment shall not vest in the authority until the
equipment trust certificates are paid.
(b) The agreement to purchase may direct the vendor to sell and assign the
equipment to a bank or trust company, duly authorized to transact business in
the
state of Kansas, as trustee, for the benefit and security of the equipment
trust
certificates and may direct the trustee to deliver the equipment to one or more
designated officers of the authority and may authorize the trustee
simultaneously
therewith to execute and deliver a lease of the equipment to the authority.
(c) The agreements and leases shall be duly acknowledged before some person
authorized by law to take acknowledgments of deeds and in the form required for
acknowledgment of deeds and such agreements, leases and equipment trust
certificates shall be authorized by vote of the board and shall contain such
covenants,
conditions and provisions as may be deemed necessary or appropriate to insure
the
payment of the equipment trust certificates from the revenue or income to be
derived from the riverfront authority.
(d) The covenants, conditions and provisions of the agreements, leases and
equipment trust certificates shall not conflict with any of the provisions of
any trust
agreement securing the payment of bonds or certificates of the authority.
(e) An executed copy of each such agreement and lease shall be filed in the
office of
the city and county clerk of the city and county in which said authority is
operating
and such filing shall constitute notice to any subsequent judgment creditor or
any
subsequent purchaser.