72-1788. Retirement fund for teachers and employees, certain cities; assessments; tax levy, use of proceeds; gifts. - Kansas Statutes

72-1788

Chapter 72.--SCHOOLS Article 17.--SUPPLEMENTAL RETIREMENT SYSTEMS

      72-1788.   Retirement fund for teachers and employees, certain cities;assessments; tax levy, use of proceeds; gifts.In any city of the first class having a population of less than 120,000in the state of Kansas there may be created by the board of education ofsuch city a public school teachers' and other public school employees'retirement fund, which fund when created, and the management anddisbursement thereof, shall be under the control of the board ofeducation of such city. Such retirement fund shall be created andmaintained in the following manner:

      First. By an assessment of not less than one percent nor morethan six percent of every installment of salary paid to a teacher orother public school employee employed in such city.

      Second. By the setting aside by the board of education of suchcity of an amount which shall be not less than one and one-half timesthe amount of salary assessments, and not less than the amount necessaryto meet the payments herein provided for; such amount and an amount topay a portion of the principal and interest on bonds issued by cities underthe authority of K.S.A. 12-1774, and amendments thereto, forthe financing of redevelopment projects upon property located within theschool district may be raised byspecial levy and none of the debt or tax limitations provided by lawshall apply to such levy made under this act, except that in no eventshall such levy in any one year exceed one mill on each dollar ofassessed valuation of real and personal property located within thetaxing district of said board of education.

      Third. By the receipt, by the gift, or otherwise, of any real,personal, or mixed property, or any interest therein.

      History:   L. 1941, ch. 340, § 1; L. 1943, ch. 253, § 1; L.1953, ch. 327, § 2; L. 1979, ch. 52, § 172; July 1.