68-2075.Modern express highways to connect certain cities with otherstates; highway revenue bonds.The authority is hereby authorized to provide by resolution at one timeor from time to time for the issuance of highway revenue bonds of the authorityin an amount not exceeding $53,000,000 for the purpose of paying thecost of any project or projects. The principal of and the interest on suchbonds shall be payable solely from the funds herein provided for suchpayment, including any payments to the authority from the state highwayfund provided to be made pursuant to the provisions of this act, andpledged for their payment. The bonds of each issue shall be dated, shallbear interest at a rate not to exceed the maximum rate of interest prescribedby K.S.A. 10-1009, and amendments thereto, shall mature at such timenot exceeding 40 yearsfrom their date, as determined by the authority, and may be maderedeemable before maturity, at the option of the authority, as such priceand under such terms and conditions fixed by theauthority prior to the issuance of the bonds. Nobonds may be sold for an amount less than par value plus accrued interest. Theauthority shall determine the form and the manner of execution of thebonds, and interest thereon and shall fixthe denomination of the bonds and the place ofpayment of principal and interest, which may be at any bank or trustcompany within or without the state. In case any officer whose signature ora facsimile of whose signature appears on any bonds or coupons shallcease to be such officer before the delivery of such bonds, such signatureor such facsimile shall nevertheless be valid and sufficient for allpurposes the same as if such officer had remained in office until such delivery. Allbonds issued under the provisions of this act shall have all the qualitiesand incidents of negotiable instrumentsunder the negotiable instruments law of the state. The bonds may be issuedin coupon or in registered form, or both, as the authoritydetermines,and provision may be made for the registration of any coupon bonds as toboth principal and interest for thereconversion into coupon bonds of any bonds registered as to both principaland interest, and for the interchange of registered and coupon bonds. Theauthority may sell such bonds in such manner and for such price as it determineswill best effect the purposes of this act.
The proceeds of the bond shall be used solely for the payment of thecost of any highway project or projects and shall be disbursed in suchmanner and under such restrictions, if any, as the authority may provide inthe resolution authorizing the issuance of such bonds or in the trustagreement hereinafter mentioned securing the same. If the proceeds of thebonds exceed such cost, the surplus shall be deposited to the creditof the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may, underlike restrictions, issue interim receipts or temporary bonds with orwithout coupons, exchangeable for definitive bonds when such bonds areexecuted and are available for delivery. The authority may alsoprovide for the replacement of any bonds which are mutilated, destroyedor lost. Bonds may be issued under the provisions ofthis act without obtaining the consent of any department, division,commission, board, bureau or agency of the state, and without any otherproceedings or the happening of any other conditions or things than thoseproceedings, conditions or things which are specifically required by thisact.
History: L. 1972, ch. 249, § 6; L. 1973, ch. 269, §24; L. 1983, ch. 49, § 92; May 12.
68-2075.Modern express highways to connect certain cities with otherstates; highway revenue bonds.The authority is hereby authorized to provide by resolution at one timeor from time to time for the issuance of highway revenue bonds of the authorityin an amount not exceeding $53,000,000 for the purpose of paying thecost of any project or projects. The principal of and the interest on suchbonds shall be payable solely from the funds herein provided for suchpayment, including any payments to the authority from the state highwayfund provided to be made pursuant to the provisions of this act, andpledged for their payment. The bonds of each issue shall be dated, shallbear interest at a rate not to exceed the maximum rate of interest prescribedby K.S.A. 10-1009, and amendments thereto, shall mature at such timenot exceeding 40 yearsfrom their date, as determined by the authority, and may be maderedeemable before maturity, at the option of the authority, as such priceand under such terms and conditions fixed by theauthority prior to the issuance of the bonds. Nobonds may be sold for an amount less than par value plus accrued interest. Theauthority shall determine the form and the manner of execution of thebonds, and interest thereon and shall fixthe denomination of the bonds and the place ofpayment of principal and interest, which may be at any bank or trustcompany within or without the state. In case any officer whose signature ora facsimile of whose signature appears on any bonds or coupons shallcease to be such officer before the delivery of such bonds, such signatureor such facsimile shall nevertheless be valid and sufficient for allpurposes the same as if such officer had remained in office until such delivery. Allbonds issued under the provisions of this act shall have all the qualitiesand incidents of negotiable instrumentsunder the negotiable instruments law of the state. The bonds may be issuedin coupon or in registered form, or both, as the authoritydetermines,and provision may be made for the registration of any coupon bonds as toboth principal and interest for thereconversion into coupon bonds of any bonds registered as to both principaland interest, and for the interchange of registered and coupon bonds. Theauthority may sell such bonds in such manner and for such price as it determineswill best effect the purposes of this act.
The proceeds of the bond shall be used solely for the payment of thecost of any highway project or projects and shall be disbursed in suchmanner and under such restrictions, if any, as the authority may provide inthe resolution authorizing the issuance of such bonds or in the trustagreement hereinafter mentioned securing the same. If the proceeds of thebonds exceed such cost, the surplus shall be deposited to the creditof the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may, underlike restrictions, issue interim receipts or temporary bonds with orwithout coupons, exchangeable for definitive bonds when such bonds areexecuted and are available for delivery. The authority may alsoprovide for the replacement of any bonds which are mutilated, destroyedor lost. Bonds may be issued under the provisions ofthis act without obtaining the consent of any department, division,commission, board, bureau or agency of the state, and without any otherproceedings or the happening of any other conditions or things than thoseproceedings, conditions or things which are specifically required by thisact.
History: L. 1972, ch. 249, § 6; L. 1973, ch. 269, §24; L. 1983, ch. 49, § 92; May 12.
68-2075.Modern express highways to connect certain cities with otherstates; highway revenue bonds.The authority is hereby authorized to provide by resolution at one timeor from time to time for the issuance of highway revenue bonds of the authorityin an amount not exceeding $53,000,000 for the purpose of paying thecost of any project or projects. The principal of and the interest on suchbonds shall be payable solely from the funds herein provided for suchpayment, including any payments to the authority from the state highwayfund provided to be made pursuant to the provisions of this act, andpledged for their payment. The bonds of each issue shall be dated, shallbear interest at a rate not to exceed the maximum rate of interest prescribedby K.S.A. 10-1009, and amendments thereto, shall mature at such timenot exceeding 40 yearsfrom their date, as determined by the authority, and may be maderedeemable before maturity, at the option of the authority, as such priceand under such terms and conditions fixed by theauthority prior to the issuance of the bonds. Nobonds may be sold for an amount less than par value plus accrued interest. Theauthority shall determine the form and the manner of execution of thebonds, and interest thereon and shall fixthe denomination of the bonds and the place ofpayment of principal and interest, which may be at any bank or trustcompany within or without the state. In case any officer whose signature ora facsimile of whose signature appears on any bonds or coupons shallcease to be such officer before the delivery of such bonds, such signatureor such facsimile shall nevertheless be valid and sufficient for allpurposes the same as if such officer had remained in office until such delivery. Allbonds issued under the provisions of this act shall have all the qualitiesand incidents of negotiable instrumentsunder the negotiable instruments law of the state. The bonds may be issuedin coupon or in registered form, or both, as the authoritydetermines,and provision may be made for the registration of any coupon bonds as toboth principal and interest for thereconversion into coupon bonds of any bonds registered as to both principaland interest, and for the interchange of registered and coupon bonds. Theauthority may sell such bonds in such manner and for such price as it determineswill best effect the purposes of this act.
The proceeds of the bond shall be used solely for the payment of thecost of any highway project or projects and shall be disbursed in suchmanner and under such restrictions, if any, as the authority may provide inthe resolution authorizing the issuance of such bonds or in the trustagreement hereinafter mentioned securing the same. If the proceeds of thebonds exceed such cost, the surplus shall be deposited to the creditof the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may, underlike restrictions, issue interim receipts or temporary bonds with orwithout coupons, exchangeable for definitive bonds when such bonds areexecuted and are available for delivery. The authority may alsoprovide for the replacement of any bonds which are mutilated, destroyedor lost. Bonds may be issued under the provisions ofthis act without obtaining the consent of any department, division,commission, board, bureau or agency of the state, and without any otherproceedings or the happening of any other conditions or things than thoseproceedings, conditions or things which are specifically required by thisact.
History: L. 1972, ch. 249, § 6; L. 1973, ch. 269, §24; L. 1983, ch. 49, § 92; May 12.
