Article 6a.--GENERAL IMPROVEMENT AND ASSESSMENT LAW
12-6a36.Same; full faith and credit bonds;
issuance; applicability of bonded debt limitation; protest petition.
(a) Any municipality may issue full faith and credit
bonds in one or more series to finance any project in accordance with
the provisions of this act and to refinance or refund any notes or bonds
issued pursuant to this act. Bonds issued pursuant to this section shall
be general obligations of the municipality and give rise to a charge
against its general credit and taxing powers, and such bonds shall so
state on their face. Such bonds shall be made payable, both as to
principal and interest solely from a pledge of the sources of funds
described in K.S.A. 2009 Supp. 12-6a33, and amendments thereto, including a
pledge
of a municipality's full faith and credit to use its ad valorem taxing
authority for the repayment thereof in the event all other authorized
sources of revenue are not sufficient. The municipality may pledge
such revenue to the repayment of such bonds prior to, simultaneously
with or subsequent to the issuance of such bonds.
(b) Bonds issued pursuant to this section shall be general
obligations of the municipality and are declared to be negotiable
instruments. Such bonds shall be executed by the authorized
representatives of the municipality and sealed with the corporate seal
of the municipality. All details pertaining to the issuance of the bonds
and terms and conditions thereof shall be determined by ordinance or
resolution of the municipality. The provisions of K.S.A. 10-106, and
amendments thereto, requiring a public sale of bonds shall not apply to
bonds issued under this section. All bonds issued pursuant to this
section and all income or interest therefrom shall be exempt from all
state taxes except inheritance taxes. Such bonds shall contain the
recitals set forth in K.S.A. 10-112, and amendments thereto. Such
bonds shall mature in no more than 22 years. Any municipality issuing
bonds under the provisions of this section may refund all or part of
such bonds pursuant to the provisions of K.S.A. 10-427, and
amendments thereto.
(c) The amount of the full faith and credit bonds issued and
outstanding under this act which exceeds 3% of the assessed
valuation of the municipality shall be within the bonded debt limit
applicable to such municipality.
(d) If, within 60 days following the date of the public hearing
described in K.S.A. 2009 Supp. 12-6a29, and amendments thereto, a protest
petition
signed by 5% of the qualified voters of the municipality is filed with the
municipality's clerk in accordance with the provisions of K.S.A.
25-3601 et seq., and amendments thereto, no full faith and credit bonds
shall be issued until the issuance of the full faith and credit bonds is
approved by a majority of the voters voting at an election thereon. The
failure of the voters to approve the issuance of full faith and credit
bonds shall not prevent a municipality from issuing special obligation
bonds.
Article 6a.--GENERAL IMPROVEMENT AND ASSESSMENT LAW
12-6a36.Same; full faith and credit bonds;
issuance; applicability of bonded debt limitation; protest petition.
(a) Any municipality may issue full faith and credit
bonds in one or more series to finance any project in accordance with
the provisions of this act and to refinance or refund any notes or bonds
issued pursuant to this act. Bonds issued pursuant to this section shall
be general obligations of the municipality and give rise to a charge
against its general credit and taxing powers, and such bonds shall so
state on their face. Such bonds shall be made payable, both as to
principal and interest solely from a pledge of the sources of funds
described in K.S.A. 2009 Supp. 12-6a33, and amendments thereto, including a
pledge
of a municipality's full faith and credit to use its ad valorem taxing
authority for the repayment thereof in the event all other authorized
sources of revenue are not sufficient. The municipality may pledge
such revenue to the repayment of such bonds prior to, simultaneously
with or subsequent to the issuance of such bonds.
(b) Bonds issued pursuant to this section shall be general
obligations of the municipality and are declared to be negotiable
instruments. Such bonds shall be executed by the authorized
representatives of the municipality and sealed with the corporate seal
of the municipality. All details pertaining to the issuance of the bonds
and terms and conditions thereof shall be determined by ordinance or
resolution of the municipality. The provisions of K.S.A. 10-106, and
amendments thereto, requiring a public sale of bonds shall not apply to
bonds issued under this section. All bonds issued pursuant to this
section and all income or interest therefrom shall be exempt from all
state taxes except inheritance taxes. Such bonds shall contain the
recitals set forth in K.S.A. 10-112, and amendments thereto. Such
bonds shall mature in no more than 22 years. Any municipality issuing
bonds under the provisions of this section may refund all or part of
such bonds pursuant to the provisions of K.S.A. 10-427, and
amendments thereto.
(c) The amount of the full faith and credit bonds issued and
outstanding under this act which exceeds 3% of the assessed
valuation of the municipality shall be within the bonded debt limit
applicable to such municipality.
(d) If, within 60 days following the date of the public hearing
described in K.S.A. 2009 Supp. 12-6a29, and amendments thereto, a protest
petition
signed by 5% of the qualified voters of the municipality is filed with the
municipality's clerk in accordance with the provisions of K.S.A.
25-3601 et seq., and amendments thereto, no full faith and credit bonds
shall be issued until the issuance of the full faith and credit bonds is
approved by a majority of the voters voting at an election thereon. The
failure of the voters to approve the issuance of full faith and credit
bonds shall not prevent a municipality from issuing special obligation
bonds.
Article 6a.--GENERAL IMPROVEMENT AND ASSESSMENT LAW
12-6a36.Same; full faith and credit bonds;
issuance; applicability of bonded debt limitation; protest petition.
(a) Any municipality may issue full faith and credit
bonds in one or more series to finance any project in accordance with
the provisions of this act and to refinance or refund any notes or bonds
issued pursuant to this act. Bonds issued pursuant to this section shall
be general obligations of the municipality and give rise to a charge
against its general credit and taxing powers, and such bonds shall so
state on their face. Such bonds shall be made payable, both as to
principal and interest solely from a pledge of the sources of funds
described in K.S.A. 2009 Supp. 12-6a33, and amendments thereto, including a
pledge
of a municipality's full faith and credit to use its ad valorem taxing
authority for the repayment thereof in the event all other authorized
sources of revenue are not sufficient. The municipality may pledge
such revenue to the repayment of such bonds prior to, simultaneously
with or subsequent to the issuance of such bonds.
(b) Bonds issued pursuant to this section shall be general
obligations of the municipality and are declared to be negotiable
instruments. Such bonds shall be executed by the authorized
representatives of the municipality and sealed with the corporate seal
of the municipality. All details pertaining to the issuance of the bonds
and terms and conditions thereof shall be determined by ordinance or
resolution of the municipality. The provisions of K.S.A. 10-106, and
amendments thereto, requiring a public sale of bonds shall not apply to
bonds issued under this section. All bonds issued pursuant to this
section and all income or interest therefrom shall be exempt from all
state taxes except inheritance taxes. Such bonds shall contain the
recitals set forth in K.S.A. 10-112, and amendments thereto. Such
bonds shall mature in no more than 22 years. Any municipality issuing
bonds under the provisions of this section may refund all or part of
such bonds pursuant to the provisions of K.S.A. 10-427, and
amendments thereto.
(c) The amount of the full faith and credit bonds issued and
outstanding under this act which exceeds 3% of the assessed
valuation of the municipality shall be within the bonded debt limit
applicable to such municipality.
(d) If, within 60 days following the date of the public hearing
described in K.S.A. 2009 Supp. 12-6a29, and amendments thereto, a protest
petition
signed by 5% of the qualified voters of the municipality is filed with the
municipality's clerk in accordance with the provisions of K.S.A.
25-3601 et seq., and amendments thereto, no full faith and credit bonds
shall be issued until the issuance of the full faith and credit bonds is
approved by a majority of the voters voting at an election thereon. The
failure of the voters to approve the issuance of full faith and credit
bonds shall not prevent a municipality from issuing special obligation
bonds.