KANSAS OFFICE of
  REVISOR of STATUTES

  

Home >> Statutes >> Back


Click to open printable format in new window.Printable Format
 | Next

10-103. Terms and denominations of municipal bonds. (a) Except as provided in subsection (b), all municipal bonds payable from special assessments against the property benefited, shall be issued to mature in not more than 20 installments. The last installment shall mature not more than 22 years after the date of issuance. All other municipal bonds shall be issued to mature in not more than 30 installments. The last installment shall mature not more than 32 years after the date of issuance. Such bonds shall bear interest at a rate not to exceed the maximum rate of interest prescribed by K.S.A. 10-1009, and amendments thereto, payable at such times fixed by the municipality issuing the same. Each bond shall specify the date of its separate maturity and shall be in such denomination as the municipality issuing the same determines.

(b) Municipal bonds sold, pursuant to written agreement, to the government of the United States of America or any bureau, department, instrumentality or agency thereof shall be issued to mature in not more than 40 years, may have serial or term maturities and shall bear interest at a rate not to exceed the maximum rate prescribed by K.S.A. 10-1009, and amendments thereto, payable at such times fixed by the municipality issuing the same. The bonds may be in coupon or registered form and interchangeable, and shall have such other terms and provisions as the municipality provides by ordinance, resolution or trust agreement.

History: R.S. 1923, § 10-103; L. 1925, ch. 92, § 1; L. 1947, ch. 103, § 1; L. 1955, ch. 69, § 1; L. 1967, ch. 75, § 1; L. 1968, ch. 135, § 1; L. 1970, ch. 64, § 2; L. 1978, ch. 99, § 7; L. 1981, ch. 56, § 1; L. 1983, ch. 49, § 19; May 12.

Source or prior law:

See "Revisor's Note" under 10-101.

Law Review and Bar Journal References:

"Municipal Borrowing in Kansas," Fred W. Rausch, Jr., 10 K.L.R. 515, 518 (1962).

"Statutory Changes of Interest to Lawyers," Robert F. Bennett, 36 J.B.A.K. 169, 170 (1967).

Increased bond interest rates under 1968 amendments discussed, Robert F. Bennett, 37 J.B.A.K. 159, 162 (1968).

Attorney General's Opinions:

Cities and municipalities — buildings, structures and grounds — industrial revenue bonds. 81-4.

CASE ANNOTATIONS

1. Cited in holding county hospital bonds subject to limitations of K.S.A. 10-301. State, ex rel., v. Robb, 163 Kan. 502, 505, 183 P.2d 233.

2. After effective date of K.S.A. 10-1009, interest rate prescribed therein applicable to subsequent bond issues, regardless of when election proceedings therefor held. Baker v. Unified School District, 206 Kan. 581, 585, 480 P.2d 409.


 | Next


LEGISLATIVE COORDINATING COUNCIL
  12/02/2024 Meeting Notice
  11/14/2024 Meeting Notice Agenda
  10/23/2024 Meeting Notice Agenda
  09/09/2024 Meeting Notice Agenda
  08/21/2024 Meeting Notice Agenda

  LCC Policies

REVISOR OF STATUTES
  Chapter 72 Statute Transfer List
  Kansas School Equity & Enhancement Act
  Gannon v. State
  A Summary of Special Sessions in Kansas
  Bill Brief for Senate Bill No. 1
  Bill Brief for House Bill No. 2001
  2024 New, Amended & Repealed Statutes By Bill
  2024 New, Amended & Repealed Statutes By KSA
  2023 New, Amended & Repealed Statutes By Bill
  2023 New, Amended & Repealed Statutes By KSA
USEFUL LINKS
Session Laws

OTHER LEGISLATIVE SITES
Kansas Legislature
Administrative Services
Division of Post Audit
Research Department