68-2322. Sale of bonds; no debt incurred nor faith and credit of state pledged by issuance of bonds. - Kansas Statutes

68-2322

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

      68-2322.   Sale of bonds; no debt incurred nor faith and credit of statepledged by issuance of bonds.(a) All bonds authorized to be issued by the secretaryunder this act may be soldupon such terms as the secretary shall determine to bereasonable and expedient for effectuating the purposes of this act. Thebonds may be sold at such price as the secretary may accept, including sale at discount.

      (b)   The bonds, except when issued as book-entry-only, shall be executedby manual or facsimile signature of thesecretary. In case any officers whose signatures appear on the bonds orcoupons shall cease to be such officers before delivery of such bonds orcoupons, their signatures, nevertheless, shall be valid and sufficient forall purposes. The secretary shall adopt and use a seal in the execution andissuance of the bonds, and each bond shall be impressed or imprinted withthe seal of the secretary.

      (c)   Bonds issued under the provisions of this act shall not be deemed toconstitute an indebtedness of the state of Kansas or indebtedness for whichthe faith and credit or taxing powers of the state of Kansas are pledged.It shall be plainly stated on the face of each bond, except when issued asbook-entry-only, that it has beenissued under this act, that the bonds shall be obligations only of thestate highway fund, and that, in no event, shall the bonds constitute anindebtedness of the state of Kansas or an indebtedness for which the faithand credit or taxing powers of the state of Kansas are pledged.

      History:   L. 1989, ch. 209, § 9; July 1.