Article 35.--WATER SUPPLY AND DISTRIBUTION DISTRICTS
19-3553.Issuance of revenue bonds; conditions; fixing rates, fees
and charges; agreements, covenants and restrictions.
The governing body on behalf of the district may issue and sell revenue
bonds 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 public agencies
participating in the agreement. All revenue bonds issued under this act
shall be signed by the president of the governing body of the district
and attested by the secretary of the governing body 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 district from the net revenue
derived from the operation of the water supply system and not from any
other fund or source and that said bonds are negotiable. All such
bonds shall be registered in the office of the county clerk of each
county wherein such district is located and in the office of the state
treasurer 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 have all of the qualities
and incidents of negotiable instruments, shall mature serially over a
period beginning not later than five (5) years after the date of the
bonds and ending not later than forty (40) years after such date and
shall bear interest at a rate not exceeding the maximum rate of interest
prescribed by K.S.A. 10-1009. Such bonds may be in such denominations,
may be in such form, may carry such registration and conversion
privileges, may be executed in such manner, may be payable in such
medium of payment and may be subject to such terms of redemption, with
or without premium, as may be provided by resolution of the governing
body. In no case shall the total amount of bonds issued hereunder 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. 19-3554 and unpaid at the time said
revenue bonds are issued. 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 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 shall not apply to any bonds issued hereunder.
The governing body shall by appropriate resolution make provisions
for the payment of said 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
said bonds and pay interest thereon when due, and to create reasonable
reserves for such purposes. Said fees, rates or charges shall be
sufficient to allow for miscellaneous and emergency or unforeseen
expenses. The resolution of the governing body authorizing the issuance
of revenue bonds may include agreements, covenants or restrictions
deemed necessary or advisable by the governing body 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.
Article 35.--WATER SUPPLY AND DISTRIBUTION DISTRICTS
19-3553.Issuance of revenue bonds; conditions; fixing rates, fees
and charges; agreements, covenants and restrictions.
The governing body on behalf of the district may issue and sell revenue
bonds 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 public agencies
participating in the agreement. All revenue bonds issued under this act
shall be signed by the president of the governing body of the district
and attested by the secretary of the governing body 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 district from the net revenue
derived from the operation of the water supply system and not from any
other fund or source and that said bonds are negotiable. All such
bonds shall be registered in the office of the county clerk of each
county wherein such district is located and in the office of the state
treasurer 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 have all of the qualities
and incidents of negotiable instruments, shall mature serially over a
period beginning not later than five (5) years after the date of the
bonds and ending not later than forty (40) years after such date and
shall bear interest at a rate not exceeding the maximum rate of interest
prescribed by K.S.A. 10-1009. Such bonds may be in such denominations,
may be in such form, may carry such registration and conversion
privileges, may be executed in such manner, may be payable in such
medium of payment and may be subject to such terms of redemption, with
or without premium, as may be provided by resolution of the governing
body. In no case shall the total amount of bonds issued hereunder 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. 19-3554 and unpaid at the time said
revenue bonds are issued. 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 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 shall not apply to any bonds issued hereunder.
The governing body shall by appropriate resolution make provisions
for the payment of said 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
said bonds and pay interest thereon when due, and to create reasonable
reserves for such purposes. Said fees, rates or charges shall be
sufficient to allow for miscellaneous and emergency or unforeseen
expenses. The resolution of the governing body authorizing the issuance
of revenue bonds may include agreements, covenants or restrictions
deemed necessary or advisable by the governing body 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.
Article 35.--WATER SUPPLY AND DISTRIBUTION DISTRICTS
19-3553.Issuance of revenue bonds; conditions; fixing rates, fees
and charges; agreements, covenants and restrictions.
The governing body on behalf of the district may issue and sell revenue
bonds 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 public agencies
participating in the agreement. All revenue bonds issued under this act
shall be signed by the president of the governing body of the district
and attested by the secretary of the governing body 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 district from the net revenue
derived from the operation of the water supply system and not from any
other fund or source and that said bonds are negotiable. All such
bonds shall be registered in the office of the county clerk of each
county wherein such district is located and in the office of the state
treasurer 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 have all of the qualities
and incidents of negotiable instruments, shall mature serially over a
period beginning not later than five (5) years after the date of the
bonds and ending not later than forty (40) years after such date and
shall bear interest at a rate not exceeding the maximum rate of interest
prescribed by K.S.A. 10-1009. Such bonds may be in such denominations,
may be in such form, may carry such registration and conversion
privileges, may be executed in such manner, may be payable in such
medium of payment and may be subject to such terms of redemption, with
or without premium, as may be provided by resolution of the governing
body. In no case shall the total amount of bonds issued hereunder 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. 19-3554 and unpaid at the time said
revenue bonds are issued. 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 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 shall not apply to any bonds issued hereunder.
The governing body shall by appropriate resolution make provisions
for the payment of said 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
said bonds and pay interest thereon when due, and to create reasonable
reserves for such purposes. Said fees, rates or charges shall be
sufficient to allow for miscellaneous and emergency or unforeseen
expenses. The resolution of the governing body authorizing the issuance
of revenue bonds may include agreements, covenants or restrictions
deemed necessary or advisable by the governing body 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.
