42-712. Bonds of indebtedness. - Kansas Statutes

42-712

Chapter 42.--IRRIGATION Article 7.--DISTRICTS

      42-712.   Bonds of indebtedness.Any irrigation district created under the provisions of this act, afterit has obtained from the chief engineer, his approval of its plans,maps, specifications, surveys and examinations for proposed irrigationworks and projects, and after it has obtained from the chief engineerhis approval of its application for an acquisition of beneficial use ofwater for irrigation purposes, and permit therefor, shall have the powerand it is hereby authorized to issue the bonds of said district orotherwise obtain funds as authorized in this act, for the purpose ofbuilding and constructing dams, reservoirs, canals, ditches, pumpingplants, and electric power and gas lines for operation of same, and/orfor the purchasing or condemning lands, water rights and easements, andother necessary property for the construction of the proposed system ofirrigation within said district. Said bonds shall mature serially, thefirst installment of principal shall mature not less than two years, andthe last installment not more than forty years from the date of saidbonds. The amount of installment payments of principal may be such thatthe increase thereof from year to year shall approximately equal thedecrease from year to year in the interest on the bonds remainingunpaid. Said bonds shall bear interest at a rate to be fixed by theboard.

      History:   L. 1941, ch. 262, § 12; June 30.