74-8907. Same; manner of bond sale; execution of bonds; seal of authority; payment of bonds, obligation of authority, security. (a) The bonds may be sold in such manner, either at public or private sale, and upon such terms as the authority shall determine to be reasonable and expedient for effectuating the purposes for which the authority was created. The bonds may be sold at such price as the authority may accept, including sale at discount or premium.
(b) The bonds shall be executed by manual or facsimile signatures of the chairperson of the board of directors and the president of the authority or of any other director or officer of the authority authorized to make such signature by resolution of the board of directors. In case any of the 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 authority 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 authority.
(c) It shall be plainly stated on the face of each bond that it has been issued under this act, that the bonds shall be obligations only of the authority, 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. The payment of the principal of, redemption premium, if any, or interest on the trustee's and paying agent's fees in connection with the bonds may be secured by a lien on and security interest in facilities financed by bonds issued hereunder, by lien or pledge of loans made or mortgages purchased by the authority and any collateral security received by the authority, including without limitation the authority's interest in and any revenue derived from any loan, lease or other financing agreements. It shall not be necessary to the perfection of the lien and pledge for such purposes that the trustee in connection with such bond issue or the holders of the bonds take possession of the loans, mortgages, leases or collateral security.
History: L. 1987, ch. 57, § 7; L. 1998, ch. 199, § 3; May 28.
Structure Kansas Statutes
Chapter 74 - State Boards, Commissions And Authorities
Article 89 - Development Finance Authority
74-8904 Same; general powers of authority.
74-8908 Bonds and interest exempt from taxation.
74-8909 Pledges of authority valid and binding.
74-8910 Exemption from liability of director, officers and employees of authority.
74-8911 Special funds or accounts authorized.
74-8912 Refunding bonds authorized; disposition of proceeds; manner of sale and security.
74-8913 Reports of authority to governor and legislature, when; contents.
74-8914 Services to authority by state agencies and officers.
74-8915 Financial interest in contracts and agreements of authority prohibited.
74-8918 Bonds for loans to public water supply systems.
74-8919 Repayment of amounts advanced from state general fund; deferral provided.
74-8923 Same; use of bond proceeds and funds from other authorized sources.
74-8924 Same; sources of revenue to finance the bonds.
74-8927 Same; remittal of pledged revenues; credit to redevelopment bond fund; distribution.
74-8928 Same; agreements to implement redevelopment projects.
74-8930 Same; reimbursement of Wyandotte county; secretary of commerce certification of expenses.
74-8936 Bonds for a multi-sport athletic complex; definitions; procedures; feasibility study.
74-8937 Same; pledgeable revenues; limitations.
74-8938 Same; collection and remittance of state and local sales tax proceeds.
74-8939 Bonds for certain electric generation facilities.
74-8940 Bonds for pollution control devices at certain electric generation facilities.
74-8942 Bonds for tire manufacturers; definitions.
74-8943 Same; authority of Kansas development finance authority to issue; terms and conditions.
74-8944 Same; authorities and duties of secretary of commerce; contracts.
74-8945 Same; disallowance of certain income tax credits.
74-8946 Bonds for electric transmission facilities.
74-8947 Financing for certain integrated coal gasification power plants.
74-8948 Financing for certain refineries.
74-8949 Financing for certain crude oil or natural gas pipelines.
74-8949a Financing for certain integrated coal or coke gasification nitrogen fertilizer plants.
74-8949b Financing for certain biomass-to-energy plants.
74-8949c Financing for certain renewable electric cogeneration facilities.
74-8949d Financing for certain waste heat utilization systems at electric generation facilities.
74-8949e Financing of renewable generators used by certain community colleges.
74-8950 Division of housing established; director, appointment.
74-8955 Rights preserved in legal actions and proceedings.
74-8956 Same; transfer of officers and employees; rights and benefits preserved.
74-8958 Official state agency for purposes of federal acts and programs.
74-8960 Financing for certain energy conservation measures.
74-8962 Wilson county capital improvements fund; administration; deposits and expenditures.
74-8964 Same; pledge and covenant by the state