10-120a. Bond election; notice requirements. (a) When used in this section, "municipality" means any county, township, city, municipal university, school district and any other taxing district or political subdivision of the state which is, or may be, authorized to issue bonds.
(b) Whenever any municipality proposes to issue bonds and an election is required to be held prior to such issuance, the governing body of such municipality shall include in the notice of such election the following:
(1) The total amount of the bonds to be issued;
(2) the amount of such bonds which represent the actual cost of the project financed by the bonds to be issued;
(3) the projected amount of interest to be paid until the bonds are retired. Such projected amount shall be determined by using the interest rate from most recent bond issuances for the financing of similar projects by similar municipalities;
(4) the projected amount of all expenses incurred in such bond issuance including, but not limited to, attorney fees, underwriter fees and the cost of printing such bonds;
(5) the projected amount of the annual payments for principle and interest on the bonds;
(6) the projected annual rate of taxation and the source of taxation necessary to retire such bonds; and
(7) any other information deemed necessary by the governing body of the municipality to provide full disclosure relating to the proposed bond issue.
(c) For the purposes of this section, an election is required to be held whenever a law specifically requires an election to be called or whenever a law authorizes the filing of a petition requesting an election and a sufficient petition is filed as required by such law.
(d) Nothing in this section shall be grounds to challenge the validity of the election on or the issuance of such bonds if the governing body has made a good faith effort to make accurate projections based upon the information available to the governing body at the time of making such projections.
History: L. 1995, ch. 269, ยง 1; July 1.
Structure Kansas Statutes
Chapter 10 - Bonds And Warrants
10-101 "Municipality" defined.
10-102 "Municipal bonds" defined.
10-103 Terms and denominations of municipal bonds.
10-104 Limitations on improvement bonds; partial issuance, when.
10-106 Sale of bonds; public sale, requirements; when; notice; bids.
10-108a Nonlitigation certificate; incorporation in transcript; form.
10-108b Same; notice of pending or threatened lawsuit, effect.
10-108c Same; municipality prevailing in lawsuit authorized to issue bonds unless stay granted.
10-108d Nonlitigation certificate, exception; payment of bonds if city not legally organized.
10-109 Filing statement of issuance with state treasurer.
10-112 Bonds required to be printed; recitals.
10-113 Levies for sinking fund; penalty for failure to make.
10-114 Special assessments for city improvements; apportionment; ordinance.
10-115 Payment of special assessments.
10-117 Unlawful issue, diversion or misuse of bond proceeds or tax funds; penalties.
10-117a Transfer of unexpended balance in bond and interest fund.
10-118 Sinking fund levy to pay bonds maturing at same time.
10-118a Diversion of interest and sinking funds for refunding bonds; penalties.
10-118b Diversion not basis of tax protest.
10-119 Changing territory or disorganization of municipality; liability; tax levies.
10-120 Bond election; publication of notice.
10-120a Bond election; notice requirements.
10-121 Elections for acquisition of land.
10-122 Investment of sinking fund.
10-123 Temporary notes for improvements; issuance; renewal, when.
10-124 Interest coupons receivable for taxes.
10-125 Bonds covered by 10-101 to 10-125.
10-126 Printing of coupons; size and form.
10-127 Same; refusal by state treasurer to register.
10-128 "Municipality" defined.
10-130a Failure of state treasurer to pay certain funds or moneys as provided by law; penalty.
10-132 Used surplus proceeds of certain bond issues to purchase bonds.