27-323.Same; general obligation bonds; approval bycity; election, when; conditions; tax levy; revenue bonds, conditions,restrictionsand limitations; no-fund warrants; state or municipality not liable forobligationsof authority.The authority shall have power to issue its own general obligationbonds, revenue bonds, industrial revenue bonds, and no-fund warrants asprovided by this section:
(a) If the authority desires to issue its general obligationbonds, the board of directors of the authority shall adopt a resolutionsetting forth the principal amounts of bonds proposed to be issued andthe purpose for which the bonds are to be issued, and shall forward acopy of such resolution to the mayor of the city. The mayor shallpresent such resolution to the governing body of the city for itsapproval or disapproval. If the governing body of the city, byappropriate ordinance, disapproves the resolutionof the authority, no further actionshall be taken by the authority on the basis of the resolution. If thegoverning body of the city, by appropriateordinance, unconditionally approves the resolution of the authority,the governing body of the authoritymay proceed to authorize and issue the general obligation bonds of theauthority in the amount and for the purpose specified in the resolutionof the authority. The governing body of the city, however, upon thepresentation to it of the resolution of the authority, in lieu ofdisapproving or unconditionally approving the resolution, may adopt aresolution giving its approval of the resolution of the authority butdirecting the publication once in the official city newspaper of anotice setting forth the intention of the authority to issue its generalobligation bonds in the amount and for the purpose specified in theresolution of the authority, and if within 15 days after thepublication of the notice there is filed withthe city clerk awritten protest against the issuance of the general obligation bonds ofthe authority signed by not less than 20% of thequalified electors of the city, the governing body of thecity shallsubmit the proposed improvement and the proposed general obligation bondissue of the authority to the electors of the city at a special electionto be called for that purpose upon at least 10 days' notice, to beheld not later than 60 days after the filing of the protest,orat a regular city election or general election which will occur notsooner than 30 days nor later than60 days after thefiling of the protest. In the event that a majority of thevotersvoting on the proposition at the electionvote in favor thereof,the improvement may be made and thegeneral obligation bonds of theauthority may be issued by the authority to pay the cost thereof.General obligation bonds of the authority shall not be issued in excessof 10% of the assessed valuation of all thetaxable tangible property within the city as shown by the assessment books oftheprevious year. The general obligation bonds of the authority as to theterm, maximum interest rate, and other details shall conform to theprovisions of the general bond law. The full faith and credit of theauthority shall be pledged to the payment of the general obligationbonds of the authority, including principal and interest, and theauthority shall annually levy a tax on all taxable tangible propertywithin the city, in addition to all other levies authorized by law, inan amount sufficient to pay the interest on and principal of the bondsas the same become due. The general obligation bonds of theauthorityshall not constitute a debt or obligation of the city which establishedand created the authority.
(b) The authority may issue from time to time the revenue bonds ofthe authority for the purpose of purchasing, constructing, or otherwiseacquiring, repairing, extending, or improving any property or facilityof the authority and may pledge to the payment of therevenue bonds,both principal and interest, any rental, rates, fees or charges derivedor to be derived by the authority from property or facilities owned oroperated by it. The revenue bonds of the authority shallmature not laterthan 40 years after the date ofissuance. The revenue bonds shall bear interest at a rate not exceedingthe maximum rate of interest prescribed byK.S.A. 10-1009, and amendments thereto. The bonds shallcontainrecitals stating the authorityunder which such bonds are issued, that they are issued in conformitywith the provisions, restrictions and limitations of theauthority, andthat the bonds and interest thereon is to be paid by theissuingauthority from any rental, rates, fees or charges derived or to bederived by the authority from property or facilities owned or operatedby it and not from any other fund or source. The resolution authorizingthe issuance of revenue bonds of the authority may establish limitationsupon the issuance of additional revenue bonds of the authority and mayprovide that additional revenue bonds shall stand on a parity as to therevenues of the authority and in all other respects with revenue bondspreviously issued by the authority on the conditions asspecified in the resolution. The resolution may include otheragreements, covenants or restrictions deemed advisable by the governingbody of the authority to effect the efficient operation of the propertyand facilities of the authority, and to safeguard the interests of theholders of the revenue bonds of the authority, and to secure the paymentof the bonds and the interest thereon promptly when due. When anauthority authorizes and issues its revenue bonds under the provisionsof this section, an amount of the net revenues of the property andfacilities of the authority sufficient for the purpose shall be pledgedto the payment of the principal of and the interest on the bonds as thesame become due, and it shall be the mandatory duty of any authorityissuing revenue bonds under this act to fix and maintain rentals, rates,fees and charges for the use and services of the property and facilitiesof the authority sufficient to pay the cost of operation and maintenanceof the property and facilities, pay the principal of andinterest onall revenue bonds or other obligations issued by the authority andchargeable to the revenues of the authority as and when the same becomedue, provide an adequate depreciation and replacement fund, and createreasonable reserves therefor, and to provide funds ample to meet allvalid and reasonable requirements of the resolution authorizing therevenue bonds. The bonds shall be registered in the office of thesecretary or clerk of the authority.
(c) The authority may issue the industrial revenue bonds of theauthority in the manner provided byK.S.A. 12-1740 to 12-1749,inclusive, and amendments thereto.
(d) The authority may issue its no-fund warrants under theconditions and in the manner provided by law for the issuance of no-fundwarrants by cities of the first class.
(e) The bonds, warrants, and other obligations and liabilities ofthe authority shall not constitute any debt or liability of the state ofKansas or of the city which established and created the authority, andneither the state nor the city shall be liable thereon.
27-323.Same; general obligation bonds; approval bycity; election, when; conditions; tax levy; revenue bonds, conditions,restrictionsand limitations; no-fund warrants; state or municipality not liable forobligationsof authority.The authority shall have power to issue its own general obligationbonds, revenue bonds, industrial revenue bonds, and no-fund warrants asprovided by this section:
(a) If the authority desires to issue its general obligationbonds, the board of directors of the authority shall adopt a resolutionsetting forth the principal amounts of bonds proposed to be issued andthe purpose for which the bonds are to be issued, and shall forward acopy of such resolution to the mayor of the city. The mayor shallpresent such resolution to the governing body of the city for itsapproval or disapproval. If the governing body of the city, byappropriate ordinance, disapproves the resolutionof the authority, no further actionshall be taken by the authority on the basis of the resolution. If thegoverning body of the city, by appropriateordinance, unconditionally approves the resolution of the authority,the governing body of the authoritymay proceed to authorize and issue the general obligation bonds of theauthority in the amount and for the purpose specified in the resolutionof the authority. The governing body of the city, however, upon thepresentation to it of the resolution of the authority, in lieu ofdisapproving or unconditionally approving the resolution, may adopt aresolution giving its approval of the resolution of the authority butdirecting the publication once in the official city newspaper of anotice setting forth the intention of the authority to issue its generalobligation bonds in the amount and for the purpose specified in theresolution of the authority, and if within 15 days after thepublication of the notice there is filed withthe city clerk awritten protest against the issuance of the general obligation bonds ofthe authority signed by not less than 20% of thequalified electors of the city, the governing body of thecity shallsubmit the proposed improvement and the proposed general obligation bondissue of the authority to the electors of the city at a special electionto be called for that purpose upon at least 10 days' notice, to beheld not later than 60 days after the filing of the protest,orat a regular city election or general election which will occur notsooner than 30 days nor later than60 days after thefiling of the protest. In the event that a majority of thevotersvoting on the proposition at the electionvote in favor thereof,the improvement may be made and thegeneral obligation bonds of theauthority may be issued by the authority to pay the cost thereof.General obligation bonds of the authority shall not be issued in excessof 10% of the assessed valuation of all thetaxable tangible property within the city as shown by the assessment books oftheprevious year. The general obligation bonds of the authority as to theterm, maximum interest rate, and other details shall conform to theprovisions of the general bond law. The full faith and credit of theauthority shall be pledged to the payment of the general obligationbonds of the authority, including principal and interest, and theauthority shall annually levy a tax on all taxable tangible propertywithin the city, in addition to all other levies authorized by law, inan amount sufficient to pay the interest on and principal of the bondsas the same become due. The general obligation bonds of theauthorityshall not constitute a debt or obligation of the city which establishedand created the authority.
(b) The authority may issue from time to time the revenue bonds ofthe authority for the purpose of purchasing, constructing, or otherwiseacquiring, repairing, extending, or improving any property or facilityof the authority and may pledge to the payment of therevenue bonds,both principal and interest, any rental, rates, fees or charges derivedor to be derived by the authority from property or facilities owned oroperated by it. The revenue bonds of the authority shallmature not laterthan 40 years after the date ofissuance. The revenue bonds shall bear interest at a rate not exceedingthe maximum rate of interest prescribed byK.S.A. 10-1009, and amendments thereto. The bonds shallcontainrecitals stating the authorityunder which such bonds are issued, that they are issued in conformitywith the provisions, restrictions and limitations of theauthority, andthat the bonds and interest thereon is to be paid by theissuingauthority from any rental, rates, fees or charges derived or to bederived by the authority from property or facilities owned or operatedby it and not from any other fund or source. The resolution authorizingthe issuance of revenue bonds of the authority may establish limitationsupon the issuance of additional revenue bonds of the authority and mayprovide that additional revenue bonds shall stand on a parity as to therevenues of the authority and in all other respects with revenue bondspreviously issued by the authority on the conditions asspecified in the resolution. The resolution may include otheragreements, covenants or restrictions deemed advisable by the governingbody of the authority to effect the efficient operation of the propertyand facilities of the authority, and to safeguard the interests of theholders of the revenue bonds of the authority, and to secure the paymentof the bonds and the interest thereon promptly when due. When anauthority authorizes and issues its revenue bonds under the provisionsof this section, an amount of the net revenues of the property andfacilities of the authority sufficient for the purpose shall be pledgedto the payment of the principal of and the interest on the bonds as thesame become due, and it shall be the mandatory duty of any authorityissuing revenue bonds under this act to fix and maintain rentals, rates,fees and charges for the use and services of the property and facilitiesof the authority sufficient to pay the cost of operation and maintenanceof the property and facilities, pay the principal of andinterest onall revenue bonds or other obligations issued by the authority andchargeable to the revenues of the authority as and when the same becomedue, provide an adequate depreciation and replacement fund, and createreasonable reserves therefor, and to provide funds ample to meet allvalid and reasonable requirements of the resolution authorizing therevenue bonds. The bonds shall be registered in the office of thesecretary or clerk of the authority.
(c) The authority may issue the industrial revenue bonds of theauthority in the manner provided byK.S.A. 12-1740 to 12-1749,inclusive, and amendments thereto.
(d) The authority may issue its no-fund warrants under theconditions and in the manner provided by law for the issuance of no-fundwarrants by cities of the first class.
(e) The bonds, warrants, and other obligations and liabilities ofthe authority shall not constitute any debt or liability of the state ofKansas or of the city which established and created the authority, andneither the state nor the city shall be liable thereon.
27-323.Same; general obligation bonds; approval bycity; election, when; conditions; tax levy; revenue bonds, conditions,restrictionsand limitations; no-fund warrants; state or municipality not liable forobligationsof authority.The authority shall have power to issue its own general obligationbonds, revenue bonds, industrial revenue bonds, and no-fund warrants asprovided by this section:
(a) If the authority desires to issue its general obligationbonds, the board of directors of the authority shall adopt a resolutionsetting forth the principal amounts of bonds proposed to be issued andthe purpose for which the bonds are to be issued, and shall forward acopy of such resolution to the mayor of the city. The mayor shallpresent such resolution to the governing body of the city for itsapproval or disapproval. If the governing body of the city, byappropriate ordinance, disapproves the resolutionof the authority, no further actionshall be taken by the authority on the basis of the resolution. If thegoverning body of the city, by appropriateordinance, unconditionally approves the resolution of the authority,the governing body of the authoritymay proceed to authorize and issue the general obligation bonds of theauthority in the amount and for the purpose specified in the resolutionof the authority. The governing body of the city, however, upon thepresentation to it of the resolution of the authority, in lieu ofdisapproving or unconditionally approving the resolution, may adopt aresolution giving its approval of the resolution of the authority butdirecting the publication once in the official city newspaper of anotice setting forth the intention of the authority to issue its generalobligation bonds in the amount and for the purpose specified in theresolution of the authority, and if within 15 days after thepublication of the notice there is filed withthe city clerk awritten protest against the issuance of the general obligation bonds ofthe authority signed by not less than 20% of thequalified electors of the city, the governing body of thecity shallsubmit the proposed improvement and the proposed general obligation bondissue of the authority to the electors of the city at a special electionto be called for that purpose upon at least 10 days' notice, to beheld not later than 60 days after the filing of the protest,orat a regular city election or general election which will occur notsooner than 30 days nor later than60 days after thefiling of the protest. In the event that a majority of thevotersvoting on the proposition at the electionvote in favor thereof,the improvement may be made and thegeneral obligation bonds of theauthority may be issued by the authority to pay the cost thereof.General obligation bonds of the authority shall not be issued in excessof 10% of the assessed valuation of all thetaxable tangible property within the city as shown by the assessment books oftheprevious year. The general obligation bonds of the authority as to theterm, maximum interest rate, and other details shall conform to theprovisions of the general bond law. The full faith and credit of theauthority shall be pledged to the payment of the general obligationbonds of the authority, including principal and interest, and theauthority shall annually levy a tax on all taxable tangible propertywithin the city, in addition to all other levies authorized by law, inan amount sufficient to pay the interest on and principal of the bondsas the same become due. The general obligation bonds of theauthorityshall not constitute a debt or obligation of the city which establishedand created the authority.
(b) The authority may issue from time to time the revenue bonds ofthe authority for the purpose of purchasing, constructing, or otherwiseacquiring, repairing, extending, or improving any property or facilityof the authority and may pledge to the payment of therevenue bonds,both principal and interest, any rental, rates, fees or charges derivedor to be derived by the authority from property or facilities owned oroperated by it. The revenue bonds of the authority shallmature not laterthan 40 years after the date ofissuance. The revenue bonds shall bear interest at a rate not exceedingthe maximum rate of interest prescribed byK.S.A. 10-1009, and amendments thereto. The bonds shallcontainrecitals stating the authorityunder which such bonds are issued, that they are issued in conformitywith the provisions, restrictions and limitations of theauthority, andthat the bonds and interest thereon is to be paid by theissuingauthority from any rental, rates, fees or charges derived or to bederived by the authority from property or facilities owned or operatedby it and not from any other fund or source. The resolution authorizingthe issuance of revenue bonds of the authority may establish limitationsupon the issuance of additional revenue bonds of the authority and mayprovide that additional revenue bonds shall stand on a parity as to therevenues of the authority and in all other respects with revenue bondspreviously issued by the authority on the conditions asspecified in the resolution. The resolution may include otheragreements, covenants or restrictions deemed advisable by the governingbody of the authority to effect the efficient operation of the propertyand facilities of the authority, and to safeguard the interests of theholders of the revenue bonds of the authority, and to secure the paymentof the bonds and the interest thereon promptly when due. When anauthority authorizes and issues its revenue bonds under the provisionsof this section, an amount of the net revenues of the property andfacilities of the authority sufficient for the purpose shall be pledgedto the payment of the principal of and the interest on the bonds as thesame become due, and it shall be the mandatory duty of any authorityissuing revenue bonds under this act to fix and maintain rentals, rates,fees and charges for the use and services of the property and facilitiesof the authority sufficient to pay the cost of operation and maintenanceof the property and facilities, pay the principal of andinterest onall revenue bonds or other obligations issued by the authority andchargeable to the revenues of the authority as and when the same becomedue, provide an adequate depreciation and replacement fund, and createreasonable reserves therefor, and to provide funds ample to meet allvalid and reasonable requirements of the resolution authorizing therevenue bonds. The bonds shall be registered in the office of thesecretary or clerk of the authority.
(c) The authority may issue the industrial revenue bonds of theauthority in the manner provided byK.S.A. 12-1740 to 12-1749,inclusive, and amendments thereto.
(d) The authority may issue its no-fund warrants under theconditions and in the manner provided by law for the issuance of no-fundwarrants by cities of the first class.
(e) The bonds, warrants, and other obligations and liabilities ofthe authority shall not constitute any debt or liability of the state ofKansas or of the city which established and created the authority, andneither the state nor the city shall be liable thereon.
