Article 35.--WATER SUPPLY AND DISTRIBUTION DISTRICTS
19-3532.Issuance of revenue bonds; conditions; limitations;
fixing rates, fees and charges; agreements, covenants and restrictions.
The water district may issue and sell revenue bonds without an election
to finance the cost of acquisition, construction, reconstruction,
alteration, repair, improvement, extension or enlargement of the water
supply system. Such revenue bonds are hereby made a lien on the water
supply system and on the revenues produced from such water supply
system, but shall not be general obligations of the issuing water
district. All revenue bonds issued under this act shall be signed by the
president of the district and attested by the secretary of the district
and shall contain recitals stating the authority under which such bonds
are issued and that they are to be paid by the water district from the
net revenue derived from the operation of the water supply system and
not from any other fund or source and that the bonds are negotiable.
All such bonds shall be registered in the office of the county clerk and
in the office of the state auditor and when so registered and issued
shall import absolute verity, and shall be conclusive in favor of all
persons purchasing such bonds, that all proceedings and conditions
precedent have been had and performed to authorize the issuance thereof.
The provisions of K.S.A. 10-112 shall not apply to any bonds issued
under this act.
Revenue bonds issued under this act shall mature not later than 40
years after the date of the bonds, may be
subject to redemption prior to maturity, with or without premium, at
such times and upon such conditions as may be provided by the board; and
shall bear interest at a rate not to exceed the maximum rate of interest
prescribed by K.S.A. 10-1009, and amendments
thereto. The
board may sell such bonds in such manner and for such price as it determines
will best effect the purposes of this act. In no case shall
the total amount received therefrom be in excess of the
actual cost of the plan or
program which shall include, in addition to all expenses incurred in
acquiring, constructing or improving the water supply system, all
no-fund warrants issued under the provisions of K.S.A. 19-3533, and amendments
thereto,
and unpaid at the time the revenue bonds are issued and all
costs of operation and maintenance of such water supply system estimated
to be necessary for a period of two years immediately following the
acquisition, construction or improvement of such system to be financed
out of the proceeds of the reserve bonds. No water district or county
in which the water district lies shall have any right or authority to
levy taxes to pay any of the principal of or interest on any such bonds
or any judgment against the issuing water district on account thereof,
and the provision of K.S.A. 10-113, and amendments thereto, shall not
apply to any bonds issued
hereunder.
The board shall by appropriate resolution make provisions for the
payment of such bonds by fixing rates, fees and charges, for the use of
all services rendered by such water district, which rates, fees and
charges shall be sufficient to pay the costs of operation, improvement
and maintenance of the water supply system, to provide an adequate
depreciation fund, provide an adequate sinking fund to retire such bonds
and pay interest thereon when due, and to create reasonable reserves for
such purposes. The fees, rates or charges shall be sufficient to allow
for miscellaneous and emergency or unforeseen expenses. The resolution
of the board authorizing the issuance of revenue bonds may establish
limitations upon the issuance of additional revenue bonds payable from
the revenues of the district's water supply system or upon the rights of
the holders of such additional bonds, and may provide that additional
revenue bonds shall stand on a parity as to the revenues of the water
district and in all other respects with revenue bonds previously issued
on such conditions as specified by the board in such resolution.
Such resolution may include other agreements, covenants or restrictions
deemed necessary or advisable by the board to effect the efficient
operation of the system and to safeguard the interests of the holders of
the revenue bonds and to secure the payment of the bonds and the
interest thereon.
History: L. 1961, ch. 473, § 11; L. 1970, ch. 64, §
67; L. 1983, ch. 49, § 72; May 12.
Article 35.--WATER SUPPLY AND DISTRIBUTION DISTRICTS
19-3532.Issuance of revenue bonds; conditions; limitations;
fixing rates, fees and charges; agreements, covenants and restrictions.
The water district may issue and sell revenue bonds without an election
to finance the cost of acquisition, construction, reconstruction,
alteration, repair, improvement, extension or enlargement of the water
supply system. Such revenue bonds are hereby made a lien on the water
supply system and on the revenues produced from such water supply
system, but shall not be general obligations of the issuing water
district. All revenue bonds issued under this act shall be signed by the
president of the district and attested by the secretary of the district
and shall contain recitals stating the authority under which such bonds
are issued and that they are to be paid by the water district from the
net revenue derived from the operation of the water supply system and
not from any other fund or source and that the bonds are negotiable.
All such bonds shall be registered in the office of the county clerk and
in the office of the state auditor and when so registered and issued
shall import absolute verity, and shall be conclusive in favor of all
persons purchasing such bonds, that all proceedings and conditions
precedent have been had and performed to authorize the issuance thereof.
The provisions of K.S.A. 10-112 shall not apply to any bonds issued
under this act.
Revenue bonds issued under this act shall mature not later than 40
years after the date of the bonds, may be
subject to redemption prior to maturity, with or without premium, at
such times and upon such conditions as may be provided by the board; and
shall bear interest at a rate not to exceed the maximum rate of interest
prescribed by K.S.A. 10-1009, and amendments
thereto. The
board may sell such bonds in such manner and for such price as it determines
will best effect the purposes of this act. In no case shall
the total amount received therefrom be in excess of the
actual cost of the plan or
program which shall include, in addition to all expenses incurred in
acquiring, constructing or improving the water supply system, all
no-fund warrants issued under the provisions of K.S.A. 19-3533, and amendments
thereto,
and unpaid at the time the revenue bonds are issued and all
costs of operation and maintenance of such water supply system estimated
to be necessary for a period of two years immediately following the
acquisition, construction or improvement of such system to be financed
out of the proceeds of the reserve bonds. No water district or county
in which the water district lies shall have any right or authority to
levy taxes to pay any of the principal of or interest on any such bonds
or any judgment against the issuing water district on account thereof,
and the provision of K.S.A. 10-113, and amendments thereto, shall not
apply to any bonds issued
hereunder.
The board shall by appropriate resolution make provisions for the
payment of such bonds by fixing rates, fees and charges, for the use of
all services rendered by such water district, which rates, fees and
charges shall be sufficient to pay the costs of operation, improvement
and maintenance of the water supply system, to provide an adequate
depreciation fund, provide an adequate sinking fund to retire such bonds
and pay interest thereon when due, and to create reasonable reserves for
such purposes. The fees, rates or charges shall be sufficient to allow
for miscellaneous and emergency or unforeseen expenses. The resolution
of the board authorizing the issuance of revenue bonds may establish
limitations upon the issuance of additional revenue bonds payable from
the revenues of the district's water supply system or upon the rights of
the holders of such additional bonds, and may provide that additional
revenue bonds shall stand on a parity as to the revenues of the water
district and in all other respects with revenue bonds previously issued
on such conditions as specified by the board in such resolution.
Such resolution may include other agreements, covenants or restrictions
deemed necessary or advisable by the board to effect the efficient
operation of the system and to safeguard the interests of the holders of
the revenue bonds and to secure the payment of the bonds and the
interest thereon.
History: L. 1961, ch. 473, § 11; L. 1970, ch. 64, §
67; L. 1983, ch. 49, § 72; May 12.
Article 35.--WATER SUPPLY AND DISTRIBUTION DISTRICTS
19-3532.Issuance of revenue bonds; conditions; limitations;
fixing rates, fees and charges; agreements, covenants and restrictions.
The water district may issue and sell revenue bonds without an election
to finance the cost of acquisition, construction, reconstruction,
alteration, repair, improvement, extension or enlargement of the water
supply system. Such revenue bonds are hereby made a lien on the water
supply system and on the revenues produced from such water supply
system, but shall not be general obligations of the issuing water
district. All revenue bonds issued under this act shall be signed by the
president of the district and attested by the secretary of the district
and shall contain recitals stating the authority under which such bonds
are issued and that they are to be paid by the water district from the
net revenue derived from the operation of the water supply system and
not from any other fund or source and that the bonds are negotiable.
All such bonds shall be registered in the office of the county clerk and
in the office of the state auditor and when so registered and issued
shall import absolute verity, and shall be conclusive in favor of all
persons purchasing such bonds, that all proceedings and conditions
precedent have been had and performed to authorize the issuance thereof.
The provisions of K.S.A. 10-112 shall not apply to any bonds issued
under this act.
Revenue bonds issued under this act shall mature not later than 40
years after the date of the bonds, may be
subject to redemption prior to maturity, with or without premium, at
such times and upon such conditions as may be provided by the board; and
shall bear interest at a rate not to exceed the maximum rate of interest
prescribed by K.S.A. 10-1009, and amendments
thereto. The
board may sell such bonds in such manner and for such price as it determines
will best effect the purposes of this act. In no case shall
the total amount received therefrom be in excess of the
actual cost of the plan or
program which shall include, in addition to all expenses incurred in
acquiring, constructing or improving the water supply system, all
no-fund warrants issued under the provisions of K.S.A. 19-3533, and amendments
thereto,
and unpaid at the time the revenue bonds are issued and all
costs of operation and maintenance of such water supply system estimated
to be necessary for a period of two years immediately following the
acquisition, construction or improvement of such system to be financed
out of the proceeds of the reserve bonds. No water district or county
in which the water district lies shall have any right or authority to
levy taxes to pay any of the principal of or interest on any such bonds
or any judgment against the issuing water district on account thereof,
and the provision of K.S.A. 10-113, and amendments thereto, shall not
apply to any bonds issued
hereunder.
The board shall by appropriate resolution make provisions for the
payment of such bonds by fixing rates, fees and charges, for the use of
all services rendered by such water district, which rates, fees and
charges shall be sufficient to pay the costs of operation, improvement
and maintenance of the water supply system, to provide an adequate
depreciation fund, provide an adequate sinking fund to retire such bonds
and pay interest thereon when due, and to create reasonable reserves for
such purposes. The fees, rates or charges shall be sufficient to allow
for miscellaneous and emergency or unforeseen expenses. The resolution
of the board authorizing the issuance of revenue bonds may establish
limitations upon the issuance of additional revenue bonds payable from
the revenues of the district's water supply system or upon the rights of
the holders of such additional bonds, and may provide that additional
revenue bonds shall stand on a parity as to the revenues of the water
district and in all other respects with revenue bonds previously issued
on such conditions as specified by the board in such resolution.
Such resolution may include other agreements, covenants or restrictions
deemed necessary or advisable by the board to effect the efficient
operation of the system and to safeguard the interests of the holders of
the revenue bonds and to secure the payment of the bonds and the
interest thereon.
History: L. 1961, ch. 473, § 11; L. 1970, ch. 64, §
67; L. 1983, ch. 49, § 72; May 12.