Kansas Statutes

Chapter 10: Bonds And Warrants

Article 4: Refunding Bonds

Statutes:

• 10-401 to 10-407:
• 10-408:
• 10-409, 10-410:
• 10-411:
• 10-412:
• 10-413:
• 10-414:
• 10-415:
• 10-416:
• 10-417:
• 10-418, 10-419:
• 10-420:
• 10-421:
• 10-421a, 10-421b:
• 10-422 to 10-426:
• 10-427: Refunding bonds; purpose; conditions and limitations.
• 10-427a: Same; conditions and limitations; proceeds, disposition and investment.
• 10-428: Same; surrender; deposit.
• 10-429: Same; terms; installments; maturity dates.
• 10-430:
• 10-431:
• 10-432:
• 10-433: Same; invalidity of part.

• 10-401 to 10-407:

        History:   R.S. 1923, §§ 10-401 to 10-407; Repealed, L. 1951, ch. 128, § 1; June 30.

• 10-408:

        History:   R.S. 1923, § 10-408; Repealed, L. 1951, ch. 128, § 1; June 30.

• 10-409, 10-410:

        History:   R.S. 1923, §§ 10-409, 10-410; Repealed, L. 1951, ch. 128, § 1; June 30.

• 10-411:

        History:   R.S. 1923, § 10-411; Repealed, L. 1951, ch. 128, § 1; June 30.

• 10-412:

        History:   R.S. 1923, § 10-412; Repealed, L. 1951, ch. 128, § 1; June 30.

• 10-413:

        History:   R.S. 1923, § 10-413; Repealed, L. 1951, ch. 128, § 1; June 30.

• 10-414:

        History:   R.S. 1923, § 10-414; Repealed, L. 1951, ch. 128, § 1; June 30.

• 10-415:

        History:   L. 1931, ch. 100, § 1; Repealed, L. 1957, ch. 79, § 1; June 29.

• 10-416:

        History:   L. 1933, ch. 104, § 1; Repealed, L. 1951, ch. 128, § 1; June 30.

• 10-417:

        History:   L. 1935, ch. 81, § 1; L. 1937, ch. 83, § 1; L. 1937, ch. 84, § 1; L. 1938, ch. 14, § 1; L. 1939, ch. 92, § 1; Repealed, L. 1947, ch. 105, § 1; June 30.

• 10-418, 10-419:

        History:   L. 1935, ch. 81, §§ 2, 3; Repealed, L. 1947, ch. 105, § 1; June 30.

• 10-420:

        History:   L. 1935, ch. 81, § 4; L. 1937, ch. 83, § 2; L. 1937, ch. 84, § 2; Repealed, L. 1947, ch. 105, § 1; June 30.

• 10-421:

        History:   L. 1935, ch. 81, § 5; L. 1937, ch. 83, § 3; L. 1937, ch. 84, § 3; L. 1938, ch. 14, § 2; L. 1939, ch. 92, § 2; Repealed, L. 1947, ch. 105, § 1; June 30.

• 10-421a, 10-421b:

        History:   L. 1941, ch. 99, §§ 1, 2; Repealed, L. 1965, ch. 85, § 1; June 30.

• 10-422 to 10-426:

        History:   L. 1939, ch. 144, §§ 1 to 5; Repealed, L. 1953, ch. 57, § 1; June 30.

• 10-427: Refunding bonds; purpose; conditions and limitations. Every municipality of the state of Kansas is hereby authorized and empowered to refund any bonds, any interest on such bonds or both bonds and the interest thereon of the municipality and may issue refunding bonds of the municipality therefor. The municipality shall be governed by and subject to the provisions of article 1 of chapter 10 of the Kansas Statutes Annotated, and amendments thereto, so far as the same may be consistent with the provisions of this act. The principal amount of any issue of any refunding bonds shall not exceed the aggregate amount of: (a) The principal amount of the issue or issues or part thereof or interest being refunded; (b) the amount of any interest which has accrued or will accrue to the date of payment of the bonds being refunded; (c) the amount of any redemption premium required; (d) expenses of the municipality deemed by the governing body to be necessary for the issuance of the refunding bonds; and (e) in the event the proceeds from the sale of the refunding bonds are to be placed in escrow and invested, the interest to accrue on the refunding bonds from the date of delivery to the first or any subsequent available redemption date or dates selected by the governing body of the municipality, or to the date or dates of maturity, whichever is determined by the governing body to be most advantageous or necessary to the municipality.

        History:   L. 1941, ch. 100, § 1; L. 1978, ch. 53, § 1; L. 1983, ch. 48, § 4; L. 1987, ch. 60, § 4; May 28.

• 10-427a: Same; conditions and limitations; proceeds, disposition and investment. (a) Refunding bonds issued under the authority of K.S.A. 10-427, and amendments thereto, may be sold or exchanged for the bonds being refunded either as a whole or in installments at any time either at, before or after the maturity of the bonds being refunded. Such bonds shall be exempt from statutory limitations of bonded indebtedness and shall not be included in computing the total bonded indebtedness of the municipality for the purpose of applying any statute limiting the bonded indebtedness of the municipality.

        (b)   If refunding bonds are sold more than six months prior to the maturity or earliest prior redemption date of the bonds being refunded, the proceeds derived from the sale, together with any other moneys on hand, shall be placed in escrow under a trust agreement with a Kansas bank having full trust powers. The proceeds and moneys shall be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States of America or municipal obligations which are secured by direct obligations of the United States of America, and which shall mature or be subject to redemption by the holders thereof not later than the respective dates when the proceeds of the obligations together with the interest accruing thereon and any other moneys or investments held in escrow will be required for the purposes intended. The trust agreement shall pledge or assign the moneys and investments held in trust for the payment of the principal of the bonds being refunded and may pledge or assign the moneys and investments held in trust for the payment of the interest on the bonds being refunded and any redemption premium thereon. The trust agreement may pledge or assign any of the obligations or other moneys or investments, or interest accruing thereon, held in trust, which are in excess of the amount of the obligations and other moneys and investments held which is equal to the amount of the principal of the bonds to be refunded which comes due on the date for which the bonds may have been called for redemption or irrevocable instructions to call bonds for redemption have been given and any redemption premium thereon, for the payment of the principal of and interest on any or all of the refunding bonds and any redemption premium thereon, and shall contain provisions for protecting and enforcing the rights and remedies of the holders of the bonds.

        History:   L. 1978, ch. 53, § 2; L. 1983, ch. 48, § 5; L. 1987, ch. 60, § 5; May 28.

• 10-428: Same; surrender; deposit. No refunding bonds issued under the provisions of this act shall be delivered to the purchaser thereof or be exchanged with the holder of the previously outstanding indebtedness refunded until the outstanding bonds, or other evidence of indebtedness to be refunded, shall have been surrendered to the issuing municipality: Provided, however, That bonds issued under the provisions of this act for the purpose of refunding outstanding bonds may be delivered to the purchaser thereof not more than ninety days prior to the stated maturity of the bonds so refunded without the then surrender to the issuing municipality of the bonds so refunded, but such delivery shall not be made until such issuing municipality shall have deposited, in the office of the state treasurer of the state of Kansas or other fiscal agency in the state of Kansas, the amount of the principal and interest due at the date of the maturity of such outstanding bonds which will mature within said ninety-day period, and the principal amount of the refunding bonds, so delivered, shall not exceed the principal amount of the outstanding bonds so maturing within said ninety-day period.

        History:   L. 1941, ch. 100, § 2; April 7.

• 10-429: Same; terms; installments; maturity dates. Bonds issued under the provisions of this act shall bear interest at a rate not to exceed the maximum rate of interest prescribed by K.S.A. 10-1009, and shall mature within a period of thirty-one (31) years from and after the date of issuance of such bonds.

        History:   L. 1941, ch. 100, § 3; L. 1943, ch. 84, § 1; L. 1970, ch. 64, § 4; L. 1978, ch. 53, § 3; April 28.

• 10-430:

        History:   L. 1941, ch. 100, § 4; Repealed, L. 1977, ch. 58, § 19; May 18.

• 10-431:

        History:   L. 1941, ch. 100, § 5; Repealed, L. 1974, ch. 294, § 13; July 1.

• 10-432:

        History:   L. 1941, ch. 100, § 6; L. 1978, ch. 53, § 4; Repealed, L. 1983, ch. 48, § 6; April 7.

• 10-433: Same; invalidity of part. If any section, sentence, clause or fraction of this act is for any reason held to be unconstitutional, such decision shall not affect the validity of the remaining portions of the act.

        History:   L. 1941, ch. 100, § 7; April 7.