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KANSAS STATUTES AND CODES
24-1220. Improvement bonds for works of improvement; terms; how payable; limitation on bonded indebtedness.
24-1220
24-1220. Improvement bonds for works of improvement; terms; how payable;limitation on bonded indebtedness.Whenever improvement bonds have been authorized for any works ofimprovement in accordance with the provisions of K.S.A. 24-1214 and24-1215, the board shall proceed to issue improvement bonds of thedistrict. Said bonds shall be issued to mature in not more than thirty(30) annual installments of approximately equal amountseach yearover a period of not to exceed thirty (30) years. Saidbonds shall bear interest at a rate not to exceed the maximum rate ofinterest prescribed by K.S.A. 10-1009, payablesemi-annually or at such time as may be fixed by the terms of theresolution authorizing the issuance thereof.
Each bond shall specify the date of its separate maturity and shallbe in such denominations as the district board shall determine, butat no time shall the aggregate bondedindebtedness of the district exceed ten percent (10%) of the assessedvaluation of all of the taxable tangible property within the district asshown by the last finding of the proper board of equalization.
History: L. 1953, ch. 477, § 20; L. 1955, ch. 201, § 13; L.1957, ch. 226, §9; L. 1961, ch. 193, § 17; L. 1970, ch. 64, § 71; L. 1978, ch. 99,§ 30; April 25.