32-857.Revenue bonds; authority to issue.(a) The secretary shall have power and is hereby authorized to issue negotiablebonds of the department, from time to time, in anticipation of the collectionof revenues of a specific project or a dedicated revenue source, forthe purpose of constructing,acquiring, reconstructing, improving, bettering or extending anyproperties which the secretary is authorized to acquire, maintain or operatehereunder and may pledge to the payment of the interest on and principalof such bonds all income received from operation of the specific project orfrom the dedicated revenue source. There may be included, inthe cost for which bonds are to be issued, reasonable allowances forlegal, engineering and fiscal services, interest during construction andfor six months after the estimated date of completion ofconstruction and other incidental expenses. Such bonds shall beauthorized by resolution of the secretary and may be issued in one ormore series, may bear such date or dates, may mature at such time ortimes not exceeding 40 years from their respective dates, maybear interest at such rate or rates not exceeding the maximum rate ofinterest prescribed by K.S.A. 10-1009 and amendments thereto, may be in suchform either coupon or registered, may be executed in such manner, may bepayable in such medium of payment, at such place or places, and besubject to such terms of redemption, with or without premium, and maycontain such terms, covenants and conditions as such resolution orsubsequent resolution may provide. Such bonds may be issued for money orproperty and may be sold in such manner and upon such terms as the secretarydetermines, except that the interest cost tomaturity of the bonds shall not exceed the maximum rate of interestprescribed by K.S.A. 10-1009 and amendments thereto, payable semiannually.Pending all preparations of the definitive bonds, interim receipts orcertificates in such form and with such provisions as the secretarydetermines may be issued to the purchaser or purchasers of bonds soldpursuant to K.S.A. 32-857 through 32-864. Such bondsand interim receipts and certificatesshall be fully negotiable within the meaning of and for all purposes ofthe uniform negotiable instruments law of this state.
(b) Any resolution authorizing the issuance of bonds under this section maycontain covenants, including but not limited to: (1) The purpose orpurposes to which the proceeds of the sale of bonds may be applied, andthe deposit, use and disposition thereof; (2) the use, deposit,securing of deposits and disposition of the revenues of thedepartment inconnection with a project, including the creation and maintenance ofreserves; (3) the issuance of additional bonds payable from the revenuesof the same project of the department or specified revenuesource dedicated by the secretary; (4) the operation and maintenanceof the project under the jurisdiction and control of thesecretary; (5) the insurance to be carried thereon, and the use, deposit anddisposition of insurance moneys; (6) books of account and the inspectionand audit thereof and the accounting methods of thedepartment; (7) thenonrendering of any free service by the department; and (8) thepreservation of the properties of the department, so long as any of thebonds remain outstanding, from any mortgage, sale, lease or otherencumbrance not specifically permitted by the terms of the resolution.
(c) In the discretion of the secretary, any bonds issued under theprovisions of this section may be secured by a trust indenture by andbetween the secretary and a corporate trustee, which may be any trustcompany or bank having the powers of a trust company within the state.Any such trust indenture may pledge or assign the revenues from theoperation of a specific project of the department orspecified revenue source dedicated by the secretary for which bonds areissued, but shall not convey or mortgage any properties except suchrevenues. Any such trust indenture or any resolution providing for theissuance of such bonds may contain such provisions for protecting andenforcing the rights and remedies of the bondholders as may bereasonable and proper and not in violation of law, including covenantssetting forth the duties of the department in relation tothe acquisitionof property; the construction, improvement, maintenance, repair,operation and insurance of the improvements in connection with whichsuch bonds have been authorized; the custody, safeguarding andapplication of all moneys; and provisions for the employment ofconsulting engineers in connection with the construction or operation ofsuch improvements. It shall be lawful for any bank or trust companyincorporated under the laws of the state, which may act as depository ofthe proceeds of bonds or of revenues, to furnish such indemnifying bondsor to pledge such securities as may be required by the secretary. Anysuch trust indenture may set forth the rights and remedies of thebondholders and of the trustee and may restrict the individual right ofaction by bondholders as is customary in trust agreement or trustindentures securing bonds and debentures of corporations. In addition tothe foregoing, any such trust indenture may contain such otherprovisions as the secretary may deem reasonable and proper for thesecurity of the bondholders. All expenses incurred in carrying out theprovisions of any such trust indenture may be treated as a part of thecost of operation of the improvements for which the bonds areauthorized.
(d) Moneys received pursuant to the authority of this section, whether asproceeds from the sale of bonds, as revenues from the operations ofthe properties or as specified revenue sources dedicated by thesecretary, shall be deemed to be trust funds, to be held andapplied solely as provided in K.S.A. 32-857 through 32-864. The resolutionauthorizing theissuance of bonds of any issue, or the trust indenture securing suchbonds, shall provide that any officer to whom, or any bank or trustcompany to which, such moneys shall be paid shall act as trustee ofsuch moneys and shall hold and apply the same for the purpose hereof,subject to such regulations as K.S.A. 32-857 through 32-864 andsuch resolution or trust indenture may provide. The secretary isauthorized to issue bonds only in connection with a specificproject and, unless otherwise provided by law,authorized to pledge for the payment of such bondsand interest thereon only the revenues derived from the operation of thespecific project for which the bonds are issued or specific revenuespledged in the resolution issued by the secretary for the payment of suchbonds and interest thereon for the specific project for which the bonds wereissued.
(e) Bonds may be issued under the provisions of K.S.A. 32-857 through 32-864without obtaining the consent of any department,division, commission, board, bureau or agency of the state and withoutany other proceedings or the happening of any other conditions or thingsthan those proceedings, conditions or things which are specificallyrequired by K.S.A. 32-857 through 32-864.
History: L. 1955, ch. 355, § 18; L. 1963, ch. 409, § 8; L. 1970, ch. 64, §87;L. 1989, ch. 118, § 24; July 1.
32-857.Revenue bonds; authority to issue.(a) The secretary shall have power and is hereby authorized to issue negotiablebonds of the department, from time to time, in anticipation of the collectionof revenues of a specific project or a dedicated revenue source, forthe purpose of constructing,acquiring, reconstructing, improving, bettering or extending anyproperties which the secretary is authorized to acquire, maintain or operatehereunder and may pledge to the payment of the interest on and principalof such bonds all income received from operation of the specific project orfrom the dedicated revenue source. There may be included, inthe cost for which bonds are to be issued, reasonable allowances forlegal, engineering and fiscal services, interest during construction andfor six months after the estimated date of completion ofconstruction and other incidental expenses. Such bonds shall beauthorized by resolution of the secretary and may be issued in one ormore series, may bear such date or dates, may mature at such time ortimes not exceeding 40 years from their respective dates, maybear interest at such rate or rates not exceeding the maximum rate ofinterest prescribed by K.S.A. 10-1009 and amendments thereto, may be in suchform either coupon or registered, may be executed in such manner, may bepayable in such medium of payment, at such place or places, and besubject to such terms of redemption, with or without premium, and maycontain such terms, covenants and conditions as such resolution orsubsequent resolution may provide. Such bonds may be issued for money orproperty and may be sold in such manner and upon such terms as the secretarydetermines, except that the interest cost tomaturity of the bonds shall not exceed the maximum rate of interestprescribed by K.S.A. 10-1009 and amendments thereto, payable semiannually.Pending all preparations of the definitive bonds, interim receipts orcertificates in such form and with such provisions as the secretarydetermines may be issued to the purchaser or purchasers of bonds soldpursuant to K.S.A. 32-857 through 32-864. Such bondsand interim receipts and certificatesshall be fully negotiable within the meaning of and for all purposes ofthe uniform negotiable instruments law of this state.
(b) Any resolution authorizing the issuance of bonds under this section maycontain covenants, including but not limited to: (1) The purpose orpurposes to which the proceeds of the sale of bonds may be applied, andthe deposit, use and disposition thereof; (2) the use, deposit,securing of deposits and disposition of the revenues of thedepartment inconnection with a project, including the creation and maintenance ofreserves; (3) the issuance of additional bonds payable from the revenuesof the same project of the department or specified revenuesource dedicated by the secretary; (4) the operation and maintenanceof the project under the jurisdiction and control of thesecretary; (5) the insurance to be carried thereon, and the use, deposit anddisposition of insurance moneys; (6) books of account and the inspectionand audit thereof and the accounting methods of thedepartment; (7) thenonrendering of any free service by the department; and (8) thepreservation of the properties of the department, so long as any of thebonds remain outstanding, from any mortgage, sale, lease or otherencumbrance not specifically permitted by the terms of the resolution.
(c) In the discretion of the secretary, any bonds issued under theprovisions of this section may be secured by a trust indenture by andbetween the secretary and a corporate trustee, which may be any trustcompany or bank having the powers of a trust company within the state.Any such trust indenture may pledge or assign the revenues from theoperation of a specific project of the department orspecified revenue source dedicated by the secretary for which bonds areissued, but shall not convey or mortgage any properties except suchrevenues. Any such trust indenture or any resolution providing for theissuance of such bonds may contain such provisions for protecting andenforcing the rights and remedies of the bondholders as may bereasonable and proper and not in violation of law, including covenantssetting forth the duties of the department in relation tothe acquisitionof property; the construction, improvement, maintenance, repair,operation and insurance of the improvements in connection with whichsuch bonds have been authorized; the custody, safeguarding andapplication of all moneys; and provisions for the employment ofconsulting engineers in connection with the construction or operation ofsuch improvements. It shall be lawful for any bank or trust companyincorporated under the laws of the state, which may act as depository ofthe proceeds of bonds or of revenues, to furnish such indemnifying bondsor to pledge such securities as may be required by the secretary. Anysuch trust indenture may set forth the rights and remedies of thebondholders and of the trustee and may restrict the individual right ofaction by bondholders as is customary in trust agreement or trustindentures securing bonds and debentures of corporations. In addition tothe foregoing, any such trust indenture may contain such otherprovisions as the secretary may deem reasonable and proper for thesecurity of the bondholders. All expenses incurred in carrying out theprovisions of any such trust indenture may be treated as a part of thecost of operation of the improvements for which the bonds areauthorized.
(d) Moneys received pursuant to the authority of this section, whether asproceeds from the sale of bonds, as revenues from the operations ofthe properties or as specified revenue sources dedicated by thesecretary, shall be deemed to be trust funds, to be held andapplied solely as provided in K.S.A. 32-857 through 32-864. The resolutionauthorizing theissuance of bonds of any issue, or the trust indenture securing suchbonds, shall provide that any officer to whom, or any bank or trustcompany to which, such moneys shall be paid shall act as trustee ofsuch moneys and shall hold and apply the same for the purpose hereof,subject to such regulations as K.S.A. 32-857 through 32-864 andsuch resolution or trust indenture may provide. The secretary isauthorized to issue bonds only in connection with a specificproject and, unless otherwise provided by law,authorized to pledge for the payment of such bondsand interest thereon only the revenues derived from the operation of thespecific project for which the bonds are issued or specific revenuespledged in the resolution issued by the secretary for the payment of suchbonds and interest thereon for the specific project for which the bonds wereissued.
(e) Bonds may be issued under the provisions of K.S.A. 32-857 through 32-864without obtaining the consent of any department,division, commission, board, bureau or agency of the state and withoutany other proceedings or the happening of any other conditions or thingsthan those proceedings, conditions or things which are specificallyrequired by K.S.A. 32-857 through 32-864.
History: L. 1955, ch. 355, § 18; L. 1963, ch. 409, § 8; L. 1970, ch. 64, §87;L. 1989, ch. 118, § 24; July 1.
32-857.Revenue bonds; authority to issue.(a) The secretary shall have power and is hereby authorized to issue negotiablebonds of the department, from time to time, in anticipation of the collectionof revenues of a specific project or a dedicated revenue source, forthe purpose of constructing,acquiring, reconstructing, improving, bettering or extending anyproperties which the secretary is authorized to acquire, maintain or operatehereunder and may pledge to the payment of the interest on and principalof such bonds all income received from operation of the specific project orfrom the dedicated revenue source. There may be included, inthe cost for which bonds are to be issued, reasonable allowances forlegal, engineering and fiscal services, interest during construction andfor six months after the estimated date of completion ofconstruction and other incidental expenses. Such bonds shall beauthorized by resolution of the secretary and may be issued in one ormore series, may bear such date or dates, may mature at such time ortimes not exceeding 40 years from their respective dates, maybear interest at such rate or rates not exceeding the maximum rate ofinterest prescribed by K.S.A. 10-1009 and amendments thereto, may be in suchform either coupon or registered, may be executed in such manner, may bepayable in such medium of payment, at such place or places, and besubject to such terms of redemption, with or without premium, and maycontain such terms, covenants and conditions as such resolution orsubsequent resolution may provide. Such bonds may be issued for money orproperty and may be sold in such manner and upon such terms as the secretarydetermines, except that the interest cost tomaturity of the bonds shall not exceed the maximum rate of interestprescribed by K.S.A. 10-1009 and amendments thereto, payable semiannually.Pending all preparations of the definitive bonds, interim receipts orcertificates in such form and with such provisions as the secretarydetermines may be issued to the purchaser or purchasers of bonds soldpursuant to K.S.A. 32-857 through 32-864. Such bondsand interim receipts and certificatesshall be fully negotiable within the meaning of and for all purposes ofthe uniform negotiable instruments law of this state.
(b) Any resolution authorizing the issuance of bonds under this section maycontain covenants, including but not limited to: (1) The purpose orpurposes to which the proceeds of the sale of bonds may be applied, andthe deposit, use and disposition thereof; (2) the use, deposit,securing of deposits and disposition of the revenues of thedepartment inconnection with a project, including the creation and maintenance ofreserves; (3) the issuance of additional bonds payable from the revenuesof the same project of the department or specified revenuesource dedicated by the secretary; (4) the operation and maintenanceof the project under the jurisdiction and control of thesecretary; (5) the insurance to be carried thereon, and the use, deposit anddisposition of insurance moneys; (6) books of account and the inspectionand audit thereof and the accounting methods of thedepartment; (7) thenonrendering of any free service by the department; and (8) thepreservation of the properties of the department, so long as any of thebonds remain outstanding, from any mortgage, sale, lease or otherencumbrance not specifically permitted by the terms of the resolution.
(c) In the discretion of the secretary, any bonds issued under theprovisions of this section may be secured by a trust indenture by andbetween the secretary and a corporate trustee, which may be any trustcompany or bank having the powers of a trust company within the state.Any such trust indenture may pledge or assign the revenues from theoperation of a specific project of the department orspecified revenue source dedicated by the secretary for which bonds areissued, but shall not convey or mortgage any properties except suchrevenues. Any such trust indenture or any resolution providing for theissuance of such bonds may contain such provisions for protecting andenforcing the rights and remedies of the bondholders as may bereasonable and proper and not in violation of law, including covenantssetting forth the duties of the department in relation tothe acquisitionof property; the construction, improvement, maintenance, repair,operation and insurance of the improvements in connection with whichsuch bonds have been authorized; the custody, safeguarding andapplication of all moneys; and provisions for the employment ofconsulting engineers in connection with the construction or operation ofsuch improvements. It shall be lawful for any bank or trust companyincorporated under the laws of the state, which may act as depository ofthe proceeds of bonds or of revenues, to furnish such indemnifying bondsor to pledge such securities as may be required by the secretary. Anysuch trust indenture may set forth the rights and remedies of thebondholders and of the trustee and may restrict the individual right ofaction by bondholders as is customary in trust agreement or trustindentures securing bonds and debentures of corporations. In addition tothe foregoing, any such trust indenture may contain such otherprovisions as the secretary may deem reasonable and proper for thesecurity of the bondholders. All expenses incurred in carrying out theprovisions of any such trust indenture may be treated as a part of thecost of operation of the improvements for which the bonds areauthorized.
(d) Moneys received pursuant to the authority of this section, whether asproceeds from the sale of bonds, as revenues from the operations ofthe properties or as specified revenue sources dedicated by thesecretary, shall be deemed to be trust funds, to be held andapplied solely as provided in K.S.A. 32-857 through 32-864. The resolutionauthorizing theissuance of bonds of any issue, or the trust indenture securing suchbonds, shall provide that any officer to whom, or any bank or trustcompany to which, such moneys shall be paid shall act as trustee ofsuch moneys and shall hold and apply the same for the purpose hereof,subject to such regulations as K.S.A. 32-857 through 32-864 andsuch resolution or trust indenture may provide. The secretary isauthorized to issue bonds only in connection with a specificproject and, unless otherwise provided by law,authorized to pledge for the payment of such bondsand interest thereon only the revenues derived from the operation of thespecific project for which the bonds are issued or specific revenuespledged in the resolution issued by the secretary for the payment of suchbonds and interest thereon for the specific project for which the bonds wereissued.
(e) Bonds may be issued under the provisions of K.S.A. 32-857 through 32-864without obtaining the consent of any department,division, commission, board, bureau or agency of the state and withoutany other proceedings or the happening of any other conditions or thingsthan those proceedings, conditions or things which are specificallyrequired by K.S.A. 32-857 through 32-864.
History: L. 1955, ch. 355, § 18; L. 1963, ch. 409, § 8; L. 1970, ch. 64, §87;L. 1989, ch. 118, § 24; July 1.
