74-99b44. Bioscience development bond fund; distributions. (a) The bioscience development bond fund is hereby created. The bioscience development bond fund shall not be a part of the state treasury and the funds in the bioscience development bond fund shall belong exclusively to the authority. A separate account within the bioscience development bond fund will be created for each bioscience development district created pursuant to this act and subaccounts may be created for each bioscience development project or portion thereof.
(b) Distributions from a bioscience development bond fund shall be used to pay the bioscience development project costs undertaken in a bioscience development district, including principal and interest on special obligation bonds or other obligations issued by the Kansas development finance authority to finance, in whole or in part, a bioscience development.
(c) The state treasurer shall credit all revenue collected or received from a bioscience development district as certified by the secretary of revenue to that bioscience development district's account in the bioscience development bond fund. On or before the 10th day of each month, the director of accounts and reports shall transfer from the state general fund to the bioscience development bond fund interest earnings based on:
(1) The average daily balance of moneys in the bioscience development bond fund for the preceding month; and
(2) the net earnings rate of the pooled money investment portfolio for the preceding month.
(d) At the direction of the authority, the fund may be held in the custody of and invested by the department of administration or the state treasurer provided that the bioscience development bond fund shall at all times be accounted for separate and apart from all other funds of the authority and the state.
History: L. 2004, ch. 112, § 29; July 1.
Structure Kansas Statutes
Chapter 74 - State Boards, Commissions And Authorities
Article 99b - Bioscience Authority
74-99b05 Executive committee established; duties.
74-99b06 Records of the board; public records; exemptions from open records act.
74-99b09 Bioscience authority, powers and duties; review by secretary of commerce.
74-99b12 Exemptions from taxation.
74-99b13 Application of Kansas tort claims act.
74-99b14 Preemptive authority of act.
74-99b15 Actions requiring prior legislative approval.
74-99b16 Definitions; statutory provision exceptions; procurement contracts, procedures.
74-99b17 Affiliation with KPERS; adoption of retirement plan, death, disability benefits.
74-99b18 Companies receiving authority financing; repayment required, when.
74-99b19 Exemption from statutory provisions.
74-99b35 Income tax credit and sales tax exemption cost effectiveness; annual report to legislature.
74-99b43 Financing bioscience development projects; issuing special obligation bonds.
74-99b44 Bioscience development bond fund; distributions.
74-99b45 Same; ad valorem taxes paid into fund.
74-99b53 Net operating loss reimbursement program.
74-99b65 Bioscience research and development voucher program; establishment; purpose.
74-99b66 Qualified companies; application review; criteria.
74-99b67 Project funding; limitations.
74-99b68 Bioscience research and development voucher — federal fund; established; disbursement.
74-99b84 Bioscience research matching fund established; eligibility; purpose.
74-99b85 Same; application procedure; spending limitation.
74-99b86 Same; use of funds; multi-year grants.
74-99b87 Same; criteria for use of funds.