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KANSAS STATUTES AND CODES
72-8805. Authorization to issue bonds in lieu of tax levy; limitations.
72-8805
72-8805. Authorization to issue bonds in lieu of tax levy; limitations.Any school district which is unconditionally authorized to make a capitaloutlay taxlevy, in lieu of making all or partof such taxlevy, may issue and sell general obligation bonds as now provided by lawforthe issuance of general obligation bonds for buildings necessary for schooldistrict purposes, including housing and boarding pupils enrolled in anarea vocational school operated under the board of education of the schooldistrict, exceptthat such bonds shall be issued to mature in not more than fiveyears and except that no election shall be required. In the event thatbonds are issued under authority of this section, the amount of thebonds which may be issued shall be determined as follows:
(a) Subject to the provisions of subsection (b), the amount of thebonds shall not exceed the amount of theproduct which results from multiplying the statutorily prescribedmill rate times five times theassessed valuation of the taxable tangibleproperty in the school district at the timethe bonds are issued, less the sum of all amounts specified insubsections (c), (d) and (e) of this section.
(b) If the resolution adopted under K.S.A.72-8801, and amendments thereto, specified a lesser mill rate than the statutorily prescribedmill rate or a lesser numberof years than five, the respective multipliers specified insubsection (a) of this section shall be reduced accordingly.
(c) The amount of bonds shall be reduced by all amounts which have been or will bereceived by the school district from any tax levy made under authority ofK.S.A. 72-8801, and amendments thereto, before such bonds are issued.
(d) The amount of bonds shall be reduced by the estimated amount ofinterest to be paid on the bonds.
(e) The amount of bonds shall be reduced by an amount equal to the amount ofunpaidprincipal on bonds which have theretofore been issued under thissection.
History: L. 1969, ch. 353, § 5; L. 1978, ch. 301, § 1; L. 1981,ch. 286, § 4;L. 1991, ch. 229, § 8; July 1.