76-7,120. Same; bonds; limitations; loan agreements. (a) (1) Subject to the provisions of this section, the Kansas development finance authority is hereby authorized to issue bonds to finance the cost of projects. Projects which are approved by the state board under the program are hereby approved for the state board for the purposes of subsection (b) of K.S.A. 74-8905, and amendments thereto. The aggregate principal amount of bonds issued pursuant to this section in a single fiscal year shall not exceed $100,000,000 [*], plus all amounts required for costs of bond issuance, costs of interest on the bonds issued for projects during the time such improvements are being made and any required reserves for the payment of principal and interest on the bonds. The aggregate principal amount of bonds issued pursuant to this section in a single fiscal year shall not exceed $20,000,000, plus all amounts required for costs of bond issuance, costs of interest on the bonds issued for projects during the time such improvements are being made and any required reserves for the payment of principal and interest on the bonds. All moneys received from the issuance of any such bonds shall be deposited and accounted for as prescribed by applicable bond covenants. The debt service for any such bonds issued for such project shall be paid by appropriations of moneys from the state general fund as may be necessary to pay debt service on the bonds. Subject to the provisions of appropriations acts, and as directed by the Kansas development finance authority, payment of principal and interest on the bonds shall be made by the state board from annual appropriations by the legislature or from any other moneys as may be made available by law or from the postsecondary educational institution in amounts sufficient to pay the principal and interest on the bonds until the bonds are finally paid. The state board is authorized to enter into loan agreements with a postsecondary educational institution to provide for payment of principal on the bonds. All moneys received pursuant to such agreements shall be deposited in the state treasury in accordance with the provisions of K.S.A. 75-4215, and amendments thereto, and shall be credited to the state general fund.
(2) No bonds shall be issued pursuant to this section after June 30, 2012.
(b) The aggregate principal amount of bonds issued pursuant to this section to finance the cost of projects at a single postsecondary educational institution shall not exceed $15,000,000, plus all amounts required for costs of bond issuance, costs of interest on the bonds issued for projects during the time such improvements are being made and any required reserves for the payment of principal and interest on the bonds.
(c) The date of maturity on bonds issued pursuant to this section shall not be fixed for a period of time which exceeds eight years from the date of issuance.
(d) Subject to the provisions of appropriation acts, the secretary of administration may enter into pledge agreements with the state board and the Kansas development finance authority to pledge moneys for the payment of bonds issued pursuant to the approval in subsection (a).
(e) Any postsecondary educational institutions may apply for a loan under the program. Applications shall be submitted in the manner and form required by the state board. The state board may enter into agreements with the postsecondary educational institutions for the provision of a loan and for the payment of all or a part of eligible project costs. The purposes for which the loan is to be provided, the amount thereof and the repayment terms and conditions shall be included in the agreement entered into pursuant to subsection (d).
(f) The first payment of any principal and interest on bonds issued pursuant to this section during fiscal year 2008, shall not be made prior to July 1, 2008.
History: L. 2007, ch. 200, ยง 12; May 24.
* Sentence should state that the maximum amount of bonds which may be issued over the course of the program shall not exceed $100,000,000.
Structure Kansas Statutes
Chapter 76 - State Institutions And Agencies; Historical Property
Article 7 - State Educational Institutions; Management And Operation
76-714 Chief executive officers; titles; appointment; compensation.
76-715 Appointment of employees; compensation.
76-715a Conversion of certain employees to the unclassified service.
76-715b Leave time for classified employees of state education institutions, authorization.
76-716 Determination of programs offered and degrees to be granted.
76-717a Report to legislature.
76-717b Entitlement to admission to state educational institutions; requirements.
76-718 Dedication of certain moneys.
76-719a Fellowships and scholarships for graduate students; legislative declaration.
76-722 Holding property and executing trusts.
76-723 Federal funds; application for, receipt, deposit and expenditure.
76-724 Private grants and bequests.
76-725 Administration of state educational institutions; delegation of authority.
76-727 Recruitment of personnel; payment of certain expenses authorized.
76-730 Same; rules and regulations for criteria and guidelines; student residence committees.
76-731 Certain American Indians deemed residents of state for purpose of tuition and fees.
76-733 Same; investment of funds; administrative expenses; credits to subsidiary accounts.
76-734 Same; nonliability of state or agencies thereof.
76-738 Refunds of tuition, fees or charges by institutions under state board of regents.
76-740 Same; reimbursement for certain costs; federal guidelines.
76-742 Student fees for debt service on academic or health facilities, prior referendum required.
76-749 Insurance for study abroad programs, contracts.
76-750 Accident and health insurance, women's intercollegiate athletics.
76-751 Sponsored research at state educational institutions; definition.
76-752 Same; project contracts; authorized expenditures, when; bidding and other exemptions.
76-754 Service clearing funds; definition.
76-755 Same; authorized uses; approval of additional activities; accounting procedures.
76-761 Housing system; creation and operation; rents and fees.
76-761a Student housing; meningitis vaccination.
76-763 Same; housing properties; acquisition of sites and buildings.
76-765 Same; bonds outstanding on project; effect.
76-766 Same; "state education institution" defined.
76-767 Center for innovative school leadership; duties.
76-768 Use of social security number prohibited, when.
76-773 Kansas partnership for faculty of distinction program; definitions.
76-777 University research and development enhancement act; citation of act.
76-780 General powers, duties and functions of state board of regents.
76-782 Research and development facility projects authorized.
76-784 Sales and use tax exemptions, purchases for research and development facility projects.
76-787 Contracts for certain research and development facilities, provisions for prevailing wages.
76-790 Privately-financed buildings; maintenance costs.
76-791 Payment of bonds from contributions qualifying as tax credit, limitation.
76-7,101 Long-term infrastructure maintenance program.
76-7,103 Same; administration of program; reports; building inventory and space utilization.
76-7,104 Same; infrastructure maintenance fund.
76-7,106 Same; transfers of moneys from statewide maintenance and disaster relief fund.
76-7,107 Long-term infrastructure maintenance program; transfers of moneys from state general fund.
76-7,116 Infrastructure finance program.
76-7,118 Same; administration of program; reports.
76-7,119 Same; bonds not a state obligation.
76-7,120 Same; bonds; limitations; loan agreements.
76-7,125 State educational institution project delivery construction procurement act; citation.
76-7,127 Same; projects financed with non-state moneys; exempt from certain statutory requirements.
76-7,128 Same; contracts; bids; duties of state board and institutions.
76-7,129 Same; contracts, change orders.
76-7,130 Same; local building codes, fees, building permits and zoning requirements, exemptions.
76-7,133 Same; rules and regulations.
76-7,137 University engineering initiative act; purpose.
76-7,141 Kan-grow engineering funds, state educational institutions; purposes.
76-7,142 Sales tax exemption, expenditures for engineering initiative facilities.
76-7,143 Liberal construction of act.
76-7,151 Expenditure of state moneys; limitations; remedial courses.