68-2056.Modern express highways connecting Kansas with bordering states;turnpike revenue bonds.The authority is hereby authorized to provide by resolution at one timeor from time to time for the issuance of turnpike revenue bonds of the authorityin an amount not exceeding $120,000,000 for the purpose of paying the costof the project or any part thereof. The principal of and the interest onsuch bonds shallbe payable solely from the funds herein provided for such payment. Thebonds of each issue shall be dated, shall bear interest at such rate notexceeding the maximum rate of interest prescribed by K.S.A. 10-1009, andamendments thereto, shall mature at such time notexceeding 40 years from their date, as determined by theauthority, and may be made redeemable before maturity, at the option ofthe authority, at such price and under such terms andconditions fixed by the authority prior to the issuance of thebonds. The authority shall sell all such bonds on acompetitive sealed bid basis. The authority shall determine the form andthe manner of execution of the bonds, including any interest coupons tobe attached thereto, and shall fix the denomination ofthe bonds and the place of payment of principal and interest,which may be at any bank or trust company within or without the state.In case any officer whose signature or a facsimile of whose signature appearson any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimileshall nevertheless be valid and sufficient for all purposes the same asif such officer had remained in office until such delivery. All bonds issued underthe provisions of this act shall haveall the qualities and incidents of negotiable instruments under thenegotiable instruments law of the state. The bonds may be issued incoupon or in registered form, or both, as the authoritydetermines,and provision made for the registration of any coupon bonds as to both principaland interest, for thereconversion into coupon bonds of any bonds registered as to bothprincipal and interest, and for the interchange of registered and couponbonds.
The proceeds of the bonds shall be used solely for the payment of thecost of the turnpike project and shall be disbursed in such manner andunder such restrictions, if any, as the authority provides in theresolution authorizing the issuance of such bonds or in the trustagreement securing the same. If the proceeds ofthe bonds exceed such cost, the surplus shall be deposited to thecredit of the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may,under like restrictions, issue interim receipts or temporary bonds, withor without coupons, exchangeable for definitive bonds when such bonds areexecuted and are available for delivery. The authoritymay also provide for the replacement of any bonds whichare mutilated, destroyed or lost. Bonds may be issued under theprovisions of this act without 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 this act.
History: L. 1967, ch. 356, § 6; L. 1970, ch. 64, § 83; L. 1983,ch. 49, § 91; May 12.
68-2056.Modern express highways connecting Kansas with bordering states;turnpike revenue bonds.The authority is hereby authorized to provide by resolution at one timeor from time to time for the issuance of turnpike revenue bonds of the authorityin an amount not exceeding $120,000,000 for the purpose of paying the costof the project or any part thereof. The principal of and the interest onsuch bonds shallbe payable solely from the funds herein provided for such payment. Thebonds of each issue shall be dated, shall bear interest at such rate notexceeding the maximum rate of interest prescribed by K.S.A. 10-1009, andamendments thereto, shall mature at such time notexceeding 40 years from their date, as determined by theauthority, and may be made redeemable before maturity, at the option ofthe authority, at such price and under such terms andconditions fixed by the authority prior to the issuance of thebonds. The authority shall sell all such bonds on acompetitive sealed bid basis. The authority shall determine the form andthe manner of execution of the bonds, including any interest coupons tobe attached thereto, and shall fix the denomination ofthe bonds and the place of payment of principal and interest,which may be at any bank or trust company within or without the state.In case any officer whose signature or a facsimile of whose signature appearson any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimileshall nevertheless be valid and sufficient for all purposes the same asif such officer had remained in office until such delivery. All bonds issued underthe provisions of this act shall haveall the qualities and incidents of negotiable instruments under thenegotiable instruments law of the state. The bonds may be issued incoupon or in registered form, or both, as the authoritydetermines,and provision made for the registration of any coupon bonds as to both principaland interest, for thereconversion into coupon bonds of any bonds registered as to bothprincipal and interest, and for the interchange of registered and couponbonds.
The proceeds of the bonds shall be used solely for the payment of thecost of the turnpike project and shall be disbursed in such manner andunder such restrictions, if any, as the authority provides in theresolution authorizing the issuance of such bonds or in the trustagreement securing the same. If the proceeds ofthe bonds exceed such cost, the surplus shall be deposited to thecredit of the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may,under like restrictions, issue interim receipts or temporary bonds, withor without coupons, exchangeable for definitive bonds when such bonds areexecuted and are available for delivery. The authoritymay also provide for the replacement of any bonds whichare mutilated, destroyed or lost. Bonds may be issued under theprovisions of this act without 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 this act.
History: L. 1967, ch. 356, § 6; L. 1970, ch. 64, § 83; L. 1983,ch. 49, § 91; May 12.
68-2056.Modern express highways connecting Kansas with bordering states;turnpike revenue bonds.The authority is hereby authorized to provide by resolution at one timeor from time to time for the issuance of turnpike revenue bonds of the authorityin an amount not exceeding $120,000,000 for the purpose of paying the costof the project or any part thereof. The principal of and the interest onsuch bonds shallbe payable solely from the funds herein provided for such payment. Thebonds of each issue shall be dated, shall bear interest at such rate notexceeding the maximum rate of interest prescribed by K.S.A. 10-1009, andamendments thereto, shall mature at such time notexceeding 40 years from their date, as determined by theauthority, and may be made redeemable before maturity, at the option ofthe authority, at such price and under such terms andconditions fixed by the authority prior to the issuance of thebonds. The authority shall sell all such bonds on acompetitive sealed bid basis. The authority shall determine the form andthe manner of execution of the bonds, including any interest coupons tobe attached thereto, and shall fix the denomination ofthe bonds and the place of payment of principal and interest,which may be at any bank or trust company within or without the state.In case any officer whose signature or a facsimile of whose signature appearson any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimileshall nevertheless be valid and sufficient for all purposes the same asif such officer had remained in office until such delivery. All bonds issued underthe provisions of this act shall haveall the qualities and incidents of negotiable instruments under thenegotiable instruments law of the state. The bonds may be issued incoupon or in registered form, or both, as the authoritydetermines,and provision made for the registration of any coupon bonds as to both principaland interest, for thereconversion into coupon bonds of any bonds registered as to bothprincipal and interest, and for the interchange of registered and couponbonds.
The proceeds of the bonds shall be used solely for the payment of thecost of the turnpike project and shall be disbursed in such manner andunder such restrictions, if any, as the authority provides in theresolution authorizing the issuance of such bonds or in the trustagreement securing the same. If the proceeds ofthe bonds exceed such cost, the surplus shall be deposited to thecredit of the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may,under like restrictions, issue interim receipts or temporary bonds, withor without coupons, exchangeable for definitive bonds when such bonds areexecuted and are available for delivery. The authoritymay also provide for the replacement of any bonds whichare mutilated, destroyed or lost. Bonds may be issued under theprovisions of this act without 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 this act.
History: L. 1967, ch. 356, § 6; L. 1970, ch. 64, § 83; L. 1983,ch. 49, § 91; May 12.
