Kansas Statutes 12-17,176. STAR bond projects using state financing; annual audit at municipality expense, scope; reporting, repayment, when
Terms Used In Kansas Statutes 12-17,176
- City: means any city in Kansas. See Kansas Statutes 12-1795
- Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
- 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
(a) STAR bond projects using state sales tax financing pursuant to Kan. Stat. Ann. § 12-17,169, and amendments thereto, shall be audited by an independent certified public accountant annually at the expense of the city or county. The audit report shall supplement the annual report required pursuant to Kan. Stat. Ann. § 12-17,169, and amendments thereto.
(b) Such audits shall determine whether bond financing obtained under Kan. Stat. Ann. § 12-17,169, and amendments thereto, is being used only for authorized purposes. Audit results shall be reported to the house commerce, labor and economic development committee, the senate commerce committee, or successor committees, the governor and the secretaries of commerce and revenue during the legislative session immediately following the audit.
(c) If audit findings indicate that bond funds have been used for unauthorized or ineligible purposes, the city or county shall repay to the bond fund all such unauthorized or ineligible expenditures. Such city or county shall enter into a repayment agreement with the secretary of revenue specifying the terms of such repayment obligation.