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Terms Used In Kansas Statutes 74-8964

  • 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
  • State: means the state of Kansas. See Kansas Statutes 74-8902
  • Trustee: A person or institution holding and administering property in trust.

. The state hereby pledges and covenants with the holders of any bonds issued pursuant to Kan. Stat. Ann. § 74-8963, and amendments thereto, that it will not limit or alter the rights or powers vested in the Kansas development finance authority by Kan. Stat. Ann. § 74-8963, and amendments thereto, nor limit or alter the rights or powers of the Kansas development finance authority, the department of administration or the Kansas bioscience authority in any manner which would jeopardize the interest of the holders or any trustee of such holders or inhibit or prevent performance or fulfillment by the Kansas development finance authority, the department of administration or the Kansas bioscience authority with respect to the terms of any agreement made with the holders of the bonds or agreements made pursuant to this section, except that the failure of the legislature to appropriate moneys for debt service on any bonds issued pursuant to Kan. Stat. Ann. § 74-8963, and amendments thereto, shall not be deemed a violation of this pledge and covenant. The department of administration is hereby specifically authorized to include this pledge and covenant in any agreement with the Kansas development finance authority. The Kansas development finance authority is hereby specifically authorized to include this pledge and covenant in any bond resolution, trust indenture or agreement for the benefit of the holders of the bonds.