32-878.Same; bonds authorized;pledge of revenues; covenants andagreements.(a) The secretary is hereby authorized to issue and sell revenue bondsof the department for the purpose of paying all or part of the cost ofacquiring a site, constructing,reconstructing, improving, expanding, equipping and stocking a fish hatchery.The revenue bonds may be issued from time to time and sold in amounts whichthe secretary deems necessary for such purposes.
(b) Prior to the issuance of the revenue bonds, the secretary shall:
(1) Pledge the gross revenues derived from the sale of hatchery stampsto the payment of the principal of and interest on the revenue bonds;
(2) pledge to create and maintain (A) revenue bond funds adequate topromptly pay both the principal of and interest on the revenue bonds when theybecomedue and (B) a reasonable reserve fund;
(3) determine an interest rate to be paid on the principal of the revenuebonds not in excess of the maximum rate of interest prescribed by K.S.A.10-1009 and amendments thereto;
(4) determine that the revenue bonds will be term or serial bonds maturingnot later than 40 years from their date;
(5) fix the purchase price of hatchery stamps in an amount necessary tosell the revenue bonds and assure the prompt payment of the principal ofand interest on the revenue bonds as they become due, and sell the revenuebonds in the manner provided by K.S.A. 10-106 and amendments thereto atnot less than 90% of thepar value thereof;
(6) register the revenue bonds with the state treasurer.
(c) Prior to the issuance of the revenue bonds, the secretary may:
(1) Pledge the proceeds of any grant-in-aid, gift, donation, bequest,or other such fund, or the income from any of such sources obtained by thedepartment directly or in trust, to the payment of the principal of andinterest on the revenue bonds;
(2) covenant or contract in the resolution authorizing the issuance ofrevenue bonds, any and all matters consistent with the authority grantedherein necessary and convenient in the determination of thesecretary tosell the revenue bonds and obtain the most favorable interest rate thereon,including but not limited to, maturities, priority of liens, number ofissuances,special funds for security, redemption privileges, security agreements,trust indentures, paying agencies, registration provisions and conversionprivileges.
History: L. 1982, ch. 173, § 3;L. 1989, ch. 118, § 41; July 1.
32-878.Same; bonds authorized;pledge of revenues; covenants andagreements.(a) The secretary is hereby authorized to issue and sell revenue bondsof the department for the purpose of paying all or part of the cost ofacquiring a site, constructing,reconstructing, improving, expanding, equipping and stocking a fish hatchery.The revenue bonds may be issued from time to time and sold in amounts whichthe secretary deems necessary for such purposes.
(b) Prior to the issuance of the revenue bonds, the secretary shall:
(1) Pledge the gross revenues derived from the sale of hatchery stampsto the payment of the principal of and interest on the revenue bonds;
(2) pledge to create and maintain (A) revenue bond funds adequate topromptly pay both the principal of and interest on the revenue bonds when theybecomedue and (B) a reasonable reserve fund;
(3) determine an interest rate to be paid on the principal of the revenuebonds not in excess of the maximum rate of interest prescribed by K.S.A.10-1009 and amendments thereto;
(4) determine that the revenue bonds will be term or serial bonds maturingnot later than 40 years from their date;
(5) fix the purchase price of hatchery stamps in an amount necessary tosell the revenue bonds and assure the prompt payment of the principal ofand interest on the revenue bonds as they become due, and sell the revenuebonds in the manner provided by K.S.A. 10-106 and amendments thereto atnot less than 90% of thepar value thereof;
(6) register the revenue bonds with the state treasurer.
(c) Prior to the issuance of the revenue bonds, the secretary may:
(1) Pledge the proceeds of any grant-in-aid, gift, donation, bequest,or other such fund, or the income from any of such sources obtained by thedepartment directly or in trust, to the payment of the principal of andinterest on the revenue bonds;
(2) covenant or contract in the resolution authorizing the issuance ofrevenue bonds, any and all matters consistent with the authority grantedherein necessary and convenient in the determination of thesecretary tosell the revenue bonds and obtain the most favorable interest rate thereon,including but not limited to, maturities, priority of liens, number ofissuances,special funds for security, redemption privileges, security agreements,trust indentures, paying agencies, registration provisions and conversionprivileges.
History: L. 1982, ch. 173, § 3;L. 1989, ch. 118, § 41; July 1.
32-878.Same; bonds authorized;pledge of revenues; covenants andagreements.(a) The secretary is hereby authorized to issue and sell revenue bondsof the department for the purpose of paying all or part of the cost ofacquiring a site, constructing,reconstructing, improving, expanding, equipping and stocking a fish hatchery.The revenue bonds may be issued from time to time and sold in amounts whichthe secretary deems necessary for such purposes.
(b) Prior to the issuance of the revenue bonds, the secretary shall:
(1) Pledge the gross revenues derived from the sale of hatchery stampsto the payment of the principal of and interest on the revenue bonds;
(2) pledge to create and maintain (A) revenue bond funds adequate topromptly pay both the principal of and interest on the revenue bonds when theybecomedue and (B) a reasonable reserve fund;
(3) determine an interest rate to be paid on the principal of the revenuebonds not in excess of the maximum rate of interest prescribed by K.S.A.10-1009 and amendments thereto;
(4) determine that the revenue bonds will be term or serial bonds maturingnot later than 40 years from their date;
(5) fix the purchase price of hatchery stamps in an amount necessary tosell the revenue bonds and assure the prompt payment of the principal ofand interest on the revenue bonds as they become due, and sell the revenuebonds in the manner provided by K.S.A. 10-106 and amendments thereto atnot less than 90% of thepar value thereof;
(6) register the revenue bonds with the state treasurer.
(c) Prior to the issuance of the revenue bonds, the secretary may:
(1) Pledge the proceeds of any grant-in-aid, gift, donation, bequest,or other such fund, or the income from any of such sources obtained by thedepartment directly or in trust, to the payment of the principal of andinterest on the revenue bonds;
(2) covenant or contract in the resolution authorizing the issuance ofrevenue bonds, any and all matters consistent with the authority grantedherein necessary and convenient in the determination of thesecretary tosell the revenue bonds and obtain the most favorable interest rate thereon,including but not limited to, maturities, priority of liens, number ofissuances,special funds for security, redemption privileges, security agreements,trust indentures, paying agencies, registration provisions and conversionprivileges.
History: L. 1982, ch. 173, § 3;L. 1989, ch. 118, § 41; July 1.
