42-388b. Irrigation districts organized under 42-357 et seq.; borrowing; bonds. - Kansas Statutes

42-388b

Chapter 42.--IRRIGATION Article 3.--IRRIGATION AND IRRIGATION DISTRICTS

      42-388b.   Irrigation districts organized under 42-357 et seq.;borrowing; bonds.For the purpose of constructing such works the district shall have thepower to borrow money and issue bonds therefor, which shall betax-exempt. Such bonds may be self-liquidating out of the revenue to bederived by the district for its services and facilities, or may be paidby means of taxes, or by both such revenue and taxes, and shall beissued to mature in installments of approximately equal amounts eachyear, and shall bear interest at not more than the maximum rate ofinterest prescribed by K.S.A. 10-1009, payablesemi-annually. Except as otherwise herein provided, the statutesmentioned in K.S.A. 42-388a shall apply to such bonds.

      History:   L. 1933, ch. 205, § 2; L. 1970, ch. 64, § 74; March 21.