68-2322. Sale of bonds; no debt incurred nor faith and credit of state pledged by issuance of bonds. (a) All bonds authorized to be issued by the secretary under this act may be sold upon such terms as the secretary shall determine to be reasonable and expedient for effectuating the purposes of this act. The bonds may be sold at such price as the secretary may accept, including sale at discount.
(b) The bonds, except when issued as book-entry-only, shall be executed by manual or facsimile signature of the secretary. In case any officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of such bonds or coupons, their signatures, nevertheless, shall be valid and sufficient for all purposes. The secretary shall adopt and use a seal in the execution and issuance of the bonds, and each bond shall be impressed or imprinted with the seal of the secretary.
(c) Bonds issued under the provisions of this act shall not be deemed to constitute an indebtedness of the state of Kansas or indebtedness for which the faith and credit or taxing powers of the state of Kansas are pledged. It shall be plainly stated on the face of each bond, except when issued as book-entry-only, that it has been issued under this act, that the bonds shall be obligations only of the state highway fund, and that, in no event, shall the bonds constitute an indebtedness of the state of Kansas or an indebtedness for which the faith and credit or taxing powers of the state of Kansas are pledged.
History: L. 1989, ch. 209, ยง 9; July 1.
Structure Kansas Statutes
Chapter 68 - Roads And Bridges
Article 23 - Express Highways And Freeways
68-2303 Same; powers of secretary of transportation.
68-2308 Same; rights of bondholders.
68-2309 Same; interest and income from bonds exempt from taxation, exception.
68-2310 Same; bonds deemed securities; acquisition and deposit.
68-2314b Transportation works for Kansas program; projects; programs.
68-2316 Minimum expenditure for transportation projects or programs in each county.
68-2317 Highway contracts; providing for prevailing wages.
68-2319 Highway program; bonds; definitions.
68-2320 Powers of secretary of transportation; issuance of bonds; limitations.
68-2322 Sale of bonds; no debt incurred nor faith and credit of state pledged by issuance of bonds.
68-2323 Use of proceeds from bonds.
68-2327 Authority to establish special accounts by secretary of transportation.
68-2328 Authority to issue refunding bonds; refunding freeway bonds.
68-2329 Liberal construction of 68-2319 through 68-2328.