72-6435. Same; ad valorem tax levy authorized; disposition of proceeds. - Kansas Statutes

72-6435

Chapter 72.--SCHOOLS Article 64.--SCHOOL DISTRICT FINANCE AND QUALITY PERFORMANCE

      72-6435.   Same; ad valorem tax levy authorized;disposition of proceeds.(a) In each school year, the board of every district that has adopted a localoption budget may levy an ad valorem tax on the taxable tangible property ofthe district for the purpose of: (1) Financing that portion of the district'slocal option budget which is not financed from any other source provided bylaw; (2) paying a portion of the principal and interest on bonds issued bycities under authority of K.S.A. 12-1774, and amendments thereto, for thefinancing of redevelopment projects upon property located within the district;and (3) funding transfers to the capital improvement fund of the district andthe capital outlay fund of the district if such transfers are specified in theresolution authorizing the adoption of a local option budget in excess of 25%of state financial aid determined for the current school year.

      (b)   The proceeds from the tax levied by a district under authority of thissection, except the proceeds of such tax levied for the purpose of paying aportion of the principal and interest on bonds issued by cities under authorityof K.S.A. 12-1774, and amendments thereto, for the financing of redevelopmentprojects upon property located within the district, shall be deposited in thesupplemental general fund of the district.

      (c)   No district shall proceed under K.S.A. 79-1964, 79-1964a or 79-1964b, andamendments to such sections.

      History:   L. 1992, ch. 280, § 31;L. 2006, ch. 197, § 21; July 1.