Article 57.--FORT SCOTT/BOURBON COUNTY RIVERFRONT AUTHORITY
12-5707.Equipment; purchase, agreements and
leases.
(a) The authority shall have power to purchase equipment,
recreational
equipment and make public improvements, construct dams and docks 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 57.--FORT SCOTT/BOURBON COUNTY RIVERFRONT AUTHORITY
12-5707.Equipment; purchase, agreements and
leases.
(a) The authority shall have power to purchase equipment,
recreational
equipment and make public improvements, construct dams and docks 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 57.--FORT SCOTT/BOURBON COUNTY RIVERFRONT AUTHORITY
12-5707.Equipment; purchase, agreements and
leases.
(a) The authority shall have power to purchase equipment,
recreational
equipment and make public improvements, construct dams and docks 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.