Kansas Statutes 79-3425g. Same; street and highway construction, reconstruction, alteration, repair and maintenance; revenue bonds payable from revenues allocated from fund
The governing body of any city is hereby authorized to issue revenue bonds to finance the cost of construction, reconstruction, alteration, repair and maintenance of the streets and highways of such city. Such bonds shall be payable solely from the revenue allocated to the city from the special city and county highway fund pursuant to Kan. Stat. Ann. § 79-3425c, and amendments thereto. Such bonds shall not constitute a general obligation of the city and shall not be subject to any debt limitations of the city. Such bonds shall be negotiable instruments and shall be registered, executed and subject to all other terms as provided by ordinance of the city and shall bear interest at a rate not to exceed the maximum rate prescribed by Kan. Stat. Ann. § 10-1009. The provisions of Kan. Stat. Ann. § 10-113 shall not apply to any bonds issued pursuant to this section.
All bonds issued pursuant to this section and all income or interest therefrom shall be exempt from all state taxes.
Terms Used In Kansas Statutes 79-3425g
- Highways: means the entire width between the boundary of every way publicly maintained when any part thereof is open to the use of the public for purposes of vehicular travel, including a toll highway, and notwithstanding that the same may be temporarily closed for the purpose of construction, reconstruction, maintenance or repair. See Kansas Statutes 79-34,108
- 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