PART I.--GOVERNMENT BY MAYOR AND COUNCIL AND GENERAL LAWS
Article 12.--PUBLIC UTILITIES
13-1229.Same; use and investment of sinking funds; record and report.
It shall be the duty of the board of public utilities to use the sinking
funds herein provided for in the purchase and cancellation from time to
time of bonds issued for the purpose of purchasing, improving or
extending such waterworks and/or electric-light plants, or to place such
bonds in the sinking fund of the water department or the electric-light
department at the option of the board of public utilities.
If the board shall be unable to purchase any such bonds, then it
shall be its duty to invest the moneys of said sinking funds in
investments authorized by K.S.A. 12-1675, and amendments thereto, in the
manner prescribed therein or in bonds of the state of Kansas, or general
improvement bonds of cities of the first and second class, or bonds of
any county within the state wherein a city of the first or second class
is located, or bonds of unified school districts of this state, or
bonds issued or guaranteed by the United States government. All bonds so
purchased by the board shall bear the highest rate of interest
obtainable at the time of the purchase of the same by the board. Said
board shall not buy the bonds of any city wherein the outstanding bonded
city indebtedness, exclusive of the bonded debt, created for the
purchase or extension of waterworks and/or electric-light plants,
exceeds ten percent of its assessed valuation for the preceding year.
Said board of public utilities shall not, except by a four-fifths vote
of the members thereof, pay for any bonds any greater sum than par, nor
shall they pay more than the actual market price thereof at the time of
purchasing the same. No such bonds shall be purchased until they have
been approved in writing and found valid by a competent attorney.
It shall be the duty of the manager of collections and accounts of
the board of public utilities to keep a permanent record of the accounts
turned into said sinking fund, and a full description of all bonded
indebtedness canceled and retired, and a full description of all bonds
bought for said sinking fund, the date of said bonds, rate of interest,
when payable, number of coupons attached, when bought, from whom
purchased, and the price or rate paid therefor; and the manager of
collections and accounts shall cause to be stamped upon the back of each
of said bonds the words, "Property of the waterworks and/or
electric-light plant sinking fund of the city of __________." Said bonds
shall be kept by the city treasurer, and the board shall not sell any
such bonds for less than their par value.
The city auditor or city clerk shall also keep a duplicate record of
the payment of all such bonds or coupons, and all money received from
the payment of all such bonds or coupons shall be reinvested as a part
of the sinking fund as hereinbefore provided. It shall be the duty of
the manager of collections and accounts of the board of public utilities
to report on January 1 of each year the amount of outstanding
indebtedness of the waterworks and/or electric-light plants, and to
furnish an itemized statement of the moneys and the bonded indebtedness
paid off during the preceding year.
History: L. 1929, ch. 126, § 10; L. 1933, ch. 125, § 1; L. 1935,
ch. 110, § 1; L. 1977, ch. 54, § 12; July 1.
PART I.--GOVERNMENT BY MAYOR AND COUNCIL AND GENERAL LAWS
Article 12.--PUBLIC UTILITIES
13-1229.Same; use and investment of sinking funds; record and report.
It shall be the duty of the board of public utilities to use the sinking
funds herein provided for in the purchase and cancellation from time to
time of bonds issued for the purpose of purchasing, improving or
extending such waterworks and/or electric-light plants, or to place such
bonds in the sinking fund of the water department or the electric-light
department at the option of the board of public utilities.
If the board shall be unable to purchase any such bonds, then it
shall be its duty to invest the moneys of said sinking funds in
investments authorized by K.S.A. 12-1675, and amendments thereto, in the
manner prescribed therein or in bonds of the state of Kansas, or general
improvement bonds of cities of the first and second class, or bonds of
any county within the state wherein a city of the first or second class
is located, or bonds of unified school districts of this state, or
bonds issued or guaranteed by the United States government. All bonds so
purchased by the board shall bear the highest rate of interest
obtainable at the time of the purchase of the same by the board. Said
board shall not buy the bonds of any city wherein the outstanding bonded
city indebtedness, exclusive of the bonded debt, created for the
purchase or extension of waterworks and/or electric-light plants,
exceeds ten percent of its assessed valuation for the preceding year.
Said board of public utilities shall not, except by a four-fifths vote
of the members thereof, pay for any bonds any greater sum than par, nor
shall they pay more than the actual market price thereof at the time of
purchasing the same. No such bonds shall be purchased until they have
been approved in writing and found valid by a competent attorney.
It shall be the duty of the manager of collections and accounts of
the board of public utilities to keep a permanent record of the accounts
turned into said sinking fund, and a full description of all bonded
indebtedness canceled and retired, and a full description of all bonds
bought for said sinking fund, the date of said bonds, rate of interest,
when payable, number of coupons attached, when bought, from whom
purchased, and the price or rate paid therefor; and the manager of
collections and accounts shall cause to be stamped upon the back of each
of said bonds the words, "Property of the waterworks and/or
electric-light plant sinking fund of the city of __________." Said bonds
shall be kept by the city treasurer, and the board shall not sell any
such bonds for less than their par value.
The city auditor or city clerk shall also keep a duplicate record of
the payment of all such bonds or coupons, and all money received from
the payment of all such bonds or coupons shall be reinvested as a part
of the sinking fund as hereinbefore provided. It shall be the duty of
the manager of collections and accounts of the board of public utilities
to report on January 1 of each year the amount of outstanding
indebtedness of the waterworks and/or electric-light plants, and to
furnish an itemized statement of the moneys and the bonded indebtedness
paid off during the preceding year.
History: L. 1929, ch. 126, § 10; L. 1933, ch. 125, § 1; L. 1935,
ch. 110, § 1; L. 1977, ch. 54, § 12; July 1.
PART I.--GOVERNMENT BY MAYOR AND COUNCIL AND GENERAL LAWS
Article 12.--PUBLIC UTILITIES
13-1229.Same; use and investment of sinking funds; record and report.
It shall be the duty of the board of public utilities to use the sinking
funds herein provided for in the purchase and cancellation from time to
time of bonds issued for the purpose of purchasing, improving or
extending such waterworks and/or electric-light plants, or to place such
bonds in the sinking fund of the water department or the electric-light
department at the option of the board of public utilities.
If the board shall be unable to purchase any such bonds, then it
shall be its duty to invest the moneys of said sinking funds in
investments authorized by K.S.A. 12-1675, and amendments thereto, in the
manner prescribed therein or in bonds of the state of Kansas, or general
improvement bonds of cities of the first and second class, or bonds of
any county within the state wherein a city of the first or second class
is located, or bonds of unified school districts of this state, or
bonds issued or guaranteed by the United States government. All bonds so
purchased by the board shall bear the highest rate of interest
obtainable at the time of the purchase of the same by the board. Said
board shall not buy the bonds of any city wherein the outstanding bonded
city indebtedness, exclusive of the bonded debt, created for the
purchase or extension of waterworks and/or electric-light plants,
exceeds ten percent of its assessed valuation for the preceding year.
Said board of public utilities shall not, except by a four-fifths vote
of the members thereof, pay for any bonds any greater sum than par, nor
shall they pay more than the actual market price thereof at the time of
purchasing the same. No such bonds shall be purchased until they have
been approved in writing and found valid by a competent attorney.
It shall be the duty of the manager of collections and accounts of
the board of public utilities to keep a permanent record of the accounts
turned into said sinking fund, and a full description of all bonded
indebtedness canceled and retired, and a full description of all bonds
bought for said sinking fund, the date of said bonds, rate of interest,
when payable, number of coupons attached, when bought, from whom
purchased, and the price or rate paid therefor; and the manager of
collections and accounts shall cause to be stamped upon the back of each
of said bonds the words, "Property of the waterworks and/or
electric-light plant sinking fund of the city of __________." Said bonds
shall be kept by the city treasurer, and the board shall not sell any
such bonds for less than their par value.
The city auditor or city clerk shall also keep a duplicate record of
the payment of all such bonds or coupons, and all money received from
the payment of all such bonds or coupons shall be reinvested as a part
of the sinking fund as hereinbefore provided. It shall be the duty of
the manager of collections and accounts of the board of public utilities
to report on January 1 of each year the amount of outstanding
indebtedness of the waterworks and/or electric-light plants, and to
furnish an itemized statement of the moneys and the bonded indebtedness
paid off during the preceding year.
History: L. 1929, ch. 126, § 10; L. 1933, ch. 125, § 1; L. 1935,
ch. 110, § 1; L. 1977, ch. 54, § 12; July 1.