12-6a34. Same; creation of separate fund for each district; moneys credited to such funds and use thereof; use of remaining moneys. A separate fund shall be created for each district and such fund shall be identified by a suitable title. Community improvement district sales tax remitted to the municipality pursuant to K.S.A. 2021 Supp. 12-6a31, and amendments thereto, special assessments paid to the municipality pursuant to this act, proceeds from the sale of bonds issued pursuant to this act, and any other moneys appropriated by the governing body for the purpose of paying project costs, including the principal of and interest on bonds issued pursuant to this act, shall be credited to such fund. Such fund shall be used solely to pay the cost of the project through either the issuance of bonds or pay-as-you-go financing, and shall not be limited by the estimated cost amount listed in the ordinance or resolution authorizing the project. In the event moneys remain in the fund after the expiration of the community improvement district sales tax, such moneys shall continue to be used solely to pay the cost of the project. Upon payment of all project costs and principal of and interest on any bonds issued for such district, the municipality shall have the authority to spend any moneys remaining in such fund for the purposes for which local sales tax receipts may be spent.
History: L. 2009, ch. 122, ยง 10; July 1.
Structure Kansas Statutes
Chapter 12 - Cities And Municipalities
Article 6a - General Improvement And Assessment Law
12-6a01 Procedures for certain improvements and for financing costs; definitions.
12-6a02 Same; special assessments; work or improvements authorized.
12-6a03 Same; combining improvements.
12-6a04 Initiation of improvement; notice and hearing, when; resolution determining advisability of.
12-6a05 Same; preparation of preliminary plans; reports; plans and specifications; estimates; bids.
12-6a06 Same; action by governing body; protests.
12-6a07 Apportionment of cost of improvement.
12-6a08 Financing costs; assessment plan; classifications, formulae and methods of assessment.
12-6a09 Financing costs; assessment rolls; notice and hearing.
12-6a10 Levy of assessments; interest rates; payment in full, when; payments by taxing units.
12-6a11 Same; limitation on action to set aside assessments.
12-6a12 Same; supplemental assessments; reassessments and new assessments, when.
12-6a13 Improvements; special improvement fund; tax levy, use of proceeds; limitation on fund.
12-6a14 Same; cost of improvements, how paid; limitations.
12-6a15 Same; bond elections, when.
12-6a16 Same; separate improvement funds; uses; balances.
12-6a17 Service assessments; collection; no-fund warrants; limitation on actions.
12-6a19 Assessment of benefit fee against property not in original improvement district.
12-6a20 Disclosure by seller; acknowledgment.
12-6a26 Community improvement district act; purposes of act.