STATE STATUTES & CODES
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KANSAS STATUTES AND CODES
65-163i. Same; applications for loans; loan agreements, provisions; provision of technical assistance by secretary.
65-163i
65-163i. Same; applications for loans; loanagreements, provisions;provision of technical assistance by secretary.(a) Municipalities which desire the provisionof a loan under this act shall submit an application therefor to thesecretary. Applications shall be in such form and shall include suchinformation as the secretary shall require and shall be submitted in amanner and at a time to be determined by the secretary.
(b) The secretary may enter into agreements with anymunicipality forthe provision of a loan thereto for payment of all or a part ofproject costsand any municipality may enter into such an agreement and mayaccept suchloan when so authorized by the municipal governingbody. The purposes of the loan tobe provided, the amount thereof, the interest rate thereon and therepayment terms and conditions thereof, all of which may vary amongmunicipalities, shall be included in the agreements. Loansshall beprovided at or below market interest rates. All such agreements withmunicipalities shall require thatmunicipalities establish adedicated source of revenue for repayment of the loans as provided inK.S.A. 65-163j. Such agreements shall further provide thatrepayment of any loan received shall begin not later than one year aftercompletion of the project and that such loan shall berepaid in full nolater than 20 years thereafter.
(c) If a municipality to which a loan is made availableunder this act fails to enter into anagreement with the secretary for the provision of such loan in accordancewith the requirements of this act, the secretary may makethe amount of the loan available for one or more otherprojects on thepriority list.
(d) The secretary shall provide any municipality, upon request, withtechnical advice and assistance regarding a projector an application fora loan for the payment of all or part of project costs.
History: L. 1994, ch. 349, § 6; July 1.