Kansas Statutes 12-17,167. Approval of secretary; limitations; interest rate of bond issue
(a) The secretary shall review the STAR bond project plan, feasibility study and market study, along with other supporting documentation and determine whether to approve a request, and, if approved, issue an approval letter for a STAR bond project based upon the requirements within this act and rules and regulations developed by the secretary.
(b) For major motorsports complex projects involving the use of state sales tax financing pursuant to Kan. Stat. Ann. § 12-17,169, and amendments thereto, the secretary shall set a limit on the total amount of such special obligation bonds that may be issued to not exceed 50% of the major motorsports complex costs.
Terms Used In Kansas Statutes 12-17,167
- Feasibility study: means :
(A) A study which shows whether a redevelopment project's or bioscience development project's benefits and tax increment revenue and other available revenues under Kan. See Kansas Statutes 12-1770a
- Major motorsports complex: means a complex in Shawnee county that is utilized for the hosting of competitions involving motor vehicles, including, but not limited to, automobiles, motorcycles or other self-propelled vehicles other than a motorized bicycle or motorized wheelchair. See Kansas Statutes 12-1770a
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(c) A special obligation bond issue must bear interest at a reasonable rate as of the time of sale of the bonds, taking into account such factors as current market conditions, the nature and degree of risk associated with repayment of the bonds and other relevant factors.