68-2331.Financing of comprehensive transportationprogram; issuance of revenue bonds by Kansas development finance authority;conditions and requirements.(a) For the purpose of financing a portion of thecomprehensive transportation program, K.S.A. 68-2314a, et seq., andamendments thereto, the Kansas development finance authority is herebyauthorized to issue one or more series of revenue bonds pursuant to the Kansasdevelopment finance authority act, K.S.A. 74-8901 et seq., andamendments thereto, in an amount necessary to provide a depositor deposits in a total amount not to exceed $150,000,000 to the state highwayfund plus amounts necessary to pay the costs of issuance of the bonds,including any creditenhancement, and provide any required reserves for the bonds. The principalamount, interest rates and final maturity of such revenue bonds and any bondsissued to refund such bonds or parameters for such principal amount, interestrates and final maturity shall be approved by the secretary of transportationand by a resolution of the state finance council. The bonds, and interestthereon, issued pursuant to this section shall be payable from moneysappropriated by the state for such purpose. The bonds and interest thereon,issued pursuant to this section shall be obligations only of the authority andin no event shall such bonds constitute an indebtedness or obligation of theKansas department of transportation or an indebtedness or obligation for whichthe faith and credit or any assets of the Kansas department of transportationare pledged.
(b) (1) The authority may pledge the contract or contracts authorized insubsection (c), or any part thereof, for the payment or redemption of thebonds,and covenant as to the use and disposition of money available to theauthority for payments of the bonds. The authority is authorized to enter intoany agreements necessary or desirable to effectuate the purposes of thissection.
(2) The proceeds from the sale of the bonds, other than refunding bonds,issued pursuant to this section, after payment of any costs related to theissuance of such bonds, shall be paid by the authority to the Kansas departmentof transportation to be applied to the payment, in full or in part, of theconstruction projects authorized by the comprehensive transportation program.
(3) The state hereby pledges and covenants with the holders of any bondsissued pursuant to the provisions of this section, that it will not limit oralter the rights or powers vested in the authority by this section, nor limitor alter the rights or powers of the authority, the department ofadministration or the Kansas department of transportation, in any manner whichwould jeopardize the interest of the holders or any trustee of such holders orinhibit or prevent performance or fulfillment by the authority, the departmentof administration or the Kansas department of transportationwith respect to the terms of any agreement made with the holders of the bondsoragreements made pursuant to this section, except that the failure of thelegislature to appropriate moneys for any purpose shall not be deemed aviolation of this pledge and covenant. The department of administration ishereby specifically authorized to include this pledge and covenant in anyagreement with the authority. The authority is hereby specifically authorizedto include this pledge and covenant in any bond resolution, trust indenture oragreement for the benefit of holders of the bonds.
(4) Revenue bonds may be issued pursuant to this section without obtainingthe consent of any department, division, commission, board or agency of thestate, other than the approvals of the state finance council required by thissection, and without any other proceedings or the occurrence of any otherconditions or other things other than those proceedings, conditions or thingswhich are specifically required by the Kansas development finance authorityact.
(c) The department of administration and the authority are authorized toenter into one or more contracts to implement the payment arrangement that isprovided for in this section. The contract or contracts shall provide forpayment of the amounts required to be paid pursuant to this section and shallset forth the procedure for the transfer of moneys for the purpose of payingsuch moneys. The contract or contracts shall contain such terms and conditionsincluding principal amount, interest rates and final maturity as shall beapproved by resolution of the state finance council and shall include, but notbe limited to, terms and conditions necessary or desirable to provide forrepayment of and to secure any bonds of the authority issued pursuant to thissection.
(d) In addition to the bonds authorized under subsection (a), if theincremental increases in the amount of federal funds estimated to be availableto fund the comprehensive transportation program projects for state fiscalyears 2005through 2009 by the congressional reauthorization of the federal highwayprogram are less than the anticipated federal receipts, the Kansas developmentfinance authority is authorized to issue one or more series of revenue bondspursuant to the Kansas development finance authority act, K.S.A. 74-8901 etseq., and amendments thereto. Such bonds shall be in an amountnecessary to provide a deposit or deposits in a total amount not to exceedthe lesser of the federal shortfall or $60,000,000 to the state highway fund.The purpose of such bonds shall be tooff-set shortfalls in anticipated federal receipts. The issuance of such bondsshall be approved by resolution of the state finance council and shall beissued in accordance with the provisions of this section.
No bonds shall be issued pursuant to this subsection prior to the review andrecommendation to the state finance council of such issuance by the legislativebudget committee.
(e) The approvals by the state finance council required by subsection (a),(c) and (d) are hereby characterized as matters of legislative delegation andsubject to the guidelines prescribed in subsection (c) of K.S.A. 75-3711c, andamendments thereto. Such approvals may be given by the state finance councilwhen the legislature is in session.
(f) Except for bonds authorized under subsection (d), no bonds shall beissued pursuant to this section prior to the review ofand recommendation to the state finance council of such issuance by thestanding committees on transportation of the house of representatives and thesenate.
68-2331.Financing of comprehensive transportationprogram; issuance of revenue bonds by Kansas development finance authority;conditions and requirements.(a) For the purpose of financing a portion of thecomprehensive transportation program, K.S.A. 68-2314a, et seq., andamendments thereto, the Kansas development finance authority is herebyauthorized to issue one or more series of revenue bonds pursuant to the Kansasdevelopment finance authority act, K.S.A. 74-8901 et seq., andamendments thereto, in an amount necessary to provide a depositor deposits in a total amount not to exceed $150,000,000 to the state highwayfund plus amounts necessary to pay the costs of issuance of the bonds,including any creditenhancement, and provide any required reserves for the bonds. The principalamount, interest rates and final maturity of such revenue bonds and any bondsissued to refund such bonds or parameters for such principal amount, interestrates and final maturity shall be approved by the secretary of transportationand by a resolution of the state finance council. The bonds, and interestthereon, issued pursuant to this section shall be payable from moneysappropriated by the state for such purpose. The bonds and interest thereon,issued pursuant to this section shall be obligations only of the authority andin no event shall such bonds constitute an indebtedness or obligation of theKansas department of transportation or an indebtedness or obligation for whichthe faith and credit or any assets of the Kansas department of transportationare pledged.
(b) (1) The authority may pledge the contract or contracts authorized insubsection (c), or any part thereof, for the payment or redemption of thebonds,and covenant as to the use and disposition of money available to theauthority for payments of the bonds. The authority is authorized to enter intoany agreements necessary or desirable to effectuate the purposes of thissection.
(2) The proceeds from the sale of the bonds, other than refunding bonds,issued pursuant to this section, after payment of any costs related to theissuance of such bonds, shall be paid by the authority to the Kansas departmentof transportation to be applied to the payment, in full or in part, of theconstruction projects authorized by the comprehensive transportation program.
(3) The state hereby pledges and covenants with the holders of any bondsissued pursuant to the provisions of this section, that it will not limit oralter the rights or powers vested in the authority by this section, nor limitor alter the rights or powers of the authority, the department ofadministration or the Kansas department of transportation, in any manner whichwould jeopardize the interest of the holders or any trustee of such holders orinhibit or prevent performance or fulfillment by the authority, the departmentof administration or the Kansas department of transportationwith respect to the terms of any agreement made with the holders of the bondsoragreements made pursuant to this section, except that the failure of thelegislature to appropriate moneys for any purpose shall not be deemed aviolation of this pledge and covenant. The department of administration ishereby specifically authorized to include this pledge and covenant in anyagreement with the authority. The authority is hereby specifically authorizedto include this pledge and covenant in any bond resolution, trust indenture oragreement for the benefit of holders of the bonds.
(4) Revenue bonds may be issued pursuant to this section without obtainingthe consent of any department, division, commission, board or agency of thestate, other than the approvals of the state finance council required by thissection, and without any other proceedings or the occurrence of any otherconditions or other things other than those proceedings, conditions or thingswhich are specifically required by the Kansas development finance authorityact.
(c) The department of administration and the authority are authorized toenter into one or more contracts to implement the payment arrangement that isprovided for in this section. The contract or contracts shall provide forpayment of the amounts required to be paid pursuant to this section and shallset forth the procedure for the transfer of moneys for the purpose of payingsuch moneys. The contract or contracts shall contain such terms and conditionsincluding principal amount, interest rates and final maturity as shall beapproved by resolution of the state finance council and shall include, but notbe limited to, terms and conditions necessary or desirable to provide forrepayment of and to secure any bonds of the authority issued pursuant to thissection.
(d) In addition to the bonds authorized under subsection (a), if theincremental increases in the amount of federal funds estimated to be availableto fund the comprehensive transportation program projects for state fiscalyears 2005through 2009 by the congressional reauthorization of the federal highwayprogram are less than the anticipated federal receipts, the Kansas developmentfinance authority is authorized to issue one or more series of revenue bondspursuant to the Kansas development finance authority act, K.S.A. 74-8901 etseq., and amendments thereto. Such bonds shall be in an amountnecessary to provide a deposit or deposits in a total amount not to exceedthe lesser of the federal shortfall or $60,000,000 to the state highway fund.The purpose of such bonds shall be tooff-set shortfalls in anticipated federal receipts. The issuance of such bondsshall be approved by resolution of the state finance council and shall beissued in accordance with the provisions of this section.
No bonds shall be issued pursuant to this subsection prior to the review andrecommendation to the state finance council of such issuance by the legislativebudget committee.
(e) The approvals by the state finance council required by subsection (a),(c) and (d) are hereby characterized as matters of legislative delegation andsubject to the guidelines prescribed in subsection (c) of K.S.A. 75-3711c, andamendments thereto. Such approvals may be given by the state finance councilwhen the legislature is in session.
(f) Except for bonds authorized under subsection (d), no bonds shall beissued pursuant to this section prior to the review ofand recommendation to the state finance council of such issuance by thestanding committees on transportation of the house of representatives and thesenate.
68-2331.Financing of comprehensive transportationprogram; issuance of revenue bonds by Kansas development finance authority;conditions and requirements.(a) For the purpose of financing a portion of thecomprehensive transportation program, K.S.A. 68-2314a, et seq., andamendments thereto, the Kansas development finance authority is herebyauthorized to issue one or more series of revenue bonds pursuant to the Kansasdevelopment finance authority act, K.S.A. 74-8901 et seq., andamendments thereto, in an amount necessary to provide a depositor deposits in a total amount not to exceed $150,000,000 to the state highwayfund plus amounts necessary to pay the costs of issuance of the bonds,including any creditenhancement, and provide any required reserves for the bonds. The principalamount, interest rates and final maturity of such revenue bonds and any bondsissued to refund such bonds or parameters for such principal amount, interestrates and final maturity shall be approved by the secretary of transportationand by a resolution of the state finance council. The bonds, and interestthereon, issued pursuant to this section shall be payable from moneysappropriated by the state for such purpose. The bonds and interest thereon,issued pursuant to this section shall be obligations only of the authority andin no event shall such bonds constitute an indebtedness or obligation of theKansas department of transportation or an indebtedness or obligation for whichthe faith and credit or any assets of the Kansas department of transportationare pledged.
(b) (1) The authority may pledge the contract or contracts authorized insubsection (c), or any part thereof, for the payment or redemption of thebonds,and covenant as to the use and disposition of money available to theauthority for payments of the bonds. The authority is authorized to enter intoany agreements necessary or desirable to effectuate the purposes of thissection.
(2) The proceeds from the sale of the bonds, other than refunding bonds,issued pursuant to this section, after payment of any costs related to theissuance of such bonds, shall be paid by the authority to the Kansas departmentof transportation to be applied to the payment, in full or in part, of theconstruction projects authorized by the comprehensive transportation program.
(3) The state hereby pledges and covenants with the holders of any bondsissued pursuant to the provisions of this section, that it will not limit oralter the rights or powers vested in the authority by this section, nor limitor alter the rights or powers of the authority, the department ofadministration or the Kansas department of transportation, in any manner whichwould jeopardize the interest of the holders or any trustee of such holders orinhibit or prevent performance or fulfillment by the authority, the departmentof administration or the Kansas department of transportationwith respect to the terms of any agreement made with the holders of the bondsoragreements made pursuant to this section, except that the failure of thelegislature to appropriate moneys for any purpose shall not be deemed aviolation of this pledge and covenant. The department of administration ishereby specifically authorized to include this pledge and covenant in anyagreement with the authority. The authority is hereby specifically authorizedto include this pledge and covenant in any bond resolution, trust indenture oragreement for the benefit of holders of the bonds.
(4) Revenue bonds may be issued pursuant to this section without obtainingthe consent of any department, division, commission, board or agency of thestate, other than the approvals of the state finance council required by thissection, and without any other proceedings or the occurrence of any otherconditions or other things other than those proceedings, conditions or thingswhich are specifically required by the Kansas development finance authorityact.
(c) The department of administration and the authority are authorized toenter into one or more contracts to implement the payment arrangement that isprovided for in this section. The contract or contracts shall provide forpayment of the amounts required to be paid pursuant to this section and shallset forth the procedure for the transfer of moneys for the purpose of payingsuch moneys. The contract or contracts shall contain such terms and conditionsincluding principal amount, interest rates and final maturity as shall beapproved by resolution of the state finance council and shall include, but notbe limited to, terms and conditions necessary or desirable to provide forrepayment of and to secure any bonds of the authority issued pursuant to thissection.
(d) In addition to the bonds authorized under subsection (a), if theincremental increases in the amount of federal funds estimated to be availableto fund the comprehensive transportation program projects for state fiscalyears 2005through 2009 by the congressional reauthorization of the federal highwayprogram are less than the anticipated federal receipts, the Kansas developmentfinance authority is authorized to issue one or more series of revenue bondspursuant to the Kansas development finance authority act, K.S.A. 74-8901 etseq., and amendments thereto. Such bonds shall be in an amountnecessary to provide a deposit or deposits in a total amount not to exceedthe lesser of the federal shortfall or $60,000,000 to the state highway fund.The purpose of such bonds shall be tooff-set shortfalls in anticipated federal receipts. The issuance of such bondsshall be approved by resolution of the state finance council and shall beissued in accordance with the provisions of this section.
No bonds shall be issued pursuant to this subsection prior to the review andrecommendation to the state finance council of such issuance by the legislativebudget committee.
(e) The approvals by the state finance council required by subsection (a),(c) and (d) are hereby characterized as matters of legislative delegation andsubject to the guidelines prescribed in subsection (c) of K.S.A. 75-3711c, andamendments thereto. Such approvals may be given by the state finance councilwhen the legislature is in session.
(f) Except for bonds authorized under subsection (d), no bonds shall beissued pursuant to this section prior to the review ofand recommendation to the state finance council of such issuance by thestanding committees on transportation of the house of representatives and thesenate.
