Kansas Statutes 74-8938. Same; collection and remittance of state and local sales tax proceeds
Terms Used In Kansas Statutes 74-8938
- Authority: means the Kansas development finance authority created by Kan. See Kansas Statutes 74-8902
- Bonds: means any bonds, notes, debentures, interim certificates, grant and revenue anticipation notes, interest in a lease, lease certificate of participation or other evidences of indebtedness, whether or not the interest on which is subject to federal income taxation, issued by the authority pursuant to this act. See Kansas Statutes 74-8902
- project: means the construction of a multi-sport athletic complex and the improvement of facilities within the project area; and
(5) "project area" means the boundaries of the area in which the project will be undertaken as described by the board, but shall not include the boundaries of any redevelopment district in a major tourism area which includes an auto race track facility located in Wyandotte county as follows: Beginning at the intersection of Interstate 70 and Interstate 435; west along Interstate 70 to 118th Street; north along 118th Street to State Avenue; northeasterly along proposed relocated State Avenue to 110th Street; north along 110th Street to Parallel Parkway; east along Parallel Parkway to Interstate 435; South along Interstate 435 to Interstate 70. See Kansas Statutes 74-8936
- State: means the state of Kansas. See Kansas Statutes 74-8902
(a) Until the date the bonds issued to finance the project undertaken in the project area have been paid in full, any revenue realized from sales tax from a countywide retailers’ sales tax imposed and collected under Kan. Stat. Ann. §§ 12-187 and amendments thereto, the state retailers’ sales tax pursuant to Kan. Stat. Ann. § 79-3603, and amendments thereto which have been certified by the director of taxation to have been derived from taxpayers located in the project area shall be remitted to the state treasurer.
(b) The state treasurer shall transfer all such revenues to the fund established by the authority. The state treasurer shall make such distributions on dates mutually agreed upon by the treasurer and the authority. The authority shall use all such moneys received pursuant to this section to pay the costs of the project. Any revenues not needed or committed for the payment of bonds as determined by the authority may be remitted by the state treasurer proportionately to the appropriate taxing subdivisions.