KANSAS STATUTES AND CODES

68-2306. Same; annual expenditures from freeway fund and freeway construction fund; purposes; computation of amounts; payments constitute lien and claim on freeway fund.

68-2306

Chapter 68.--ROADS AND BRIDGES PART III.--MISCELLANEOUS Article 23.--EXPRESS HIGHWAYS AND FREEWAYS

68-2306. Same; annual expenditures from freeway fund and freewayconstruction fund; purposes; computation of amounts; payments constitutelien and claim on freeway fund.The secretary of transportation is hereby authorized and empowered, inthe manner provided by law, to withdraw in each year from the statefreeway fund and the state freeway construction fund, upon duly executedorder or voucher of said secretary to the state director of accounts andreports, such amount or amounts as shall be required in such year forpaying the interest on all highway bonds or highway refunding bondsissued by the secretary under this act; for retiring such bonds by theirmaturity or maturities; for creating reserves for such purposes; forpaying the premium, if any, on a specified aggregate principal amount ofsuch bonds which would be payable in such year if such principal amountof bonds were to be redeemed prior to their maturity or maturities; fordoing any of the acts authorized by K.S.A. 68-2311; and forpaying any administrative or other expenses incurred in carrying out thepowers granted by this act.

The method of computing the amount or amounts which will be requiredin each such year to provide for paying the interest on and retiringsuch bonds by their maturity or maturities, creating reserves for suchpurposes and paying any administrative or other expenses shall bedetermined as provided in the resolution of the secretary authorizingthe issuance of the bonds.

The payments provided to be made in any year pursuant to theprovisions of this section from the state freeway fund shall be a firstlien and claim on the state freeway fund.

History: L. 1972, ch. 252, § 5; L. 1975, ch. 427, §229; Aug. 15.