2006 Kansas Code - 12-1780f

      12-1780f.   Redevelopment projects using state financing; annual audit at city expense, scope; reporting, repayment, when. (a) Redevelopment projects using financing pursuant to subsection (a)(1)(G) of K.S.A. 12-1774, and amendments thereto, shall be audited by an independent certified public accountant annually at the expense of the city. The audit report shall supplement the annual report required pursuant to K.S.A. 12-1771b and 12-1774, and amendments thereto.

      (b)   Such audits shall determine whether bond financing obtained pursuant to subsection (a)(1)(G) of K.S.A. 12-1774, and amendments thereto, is being used only for authorized purposes. Audit results shall be reported to the house economic development committee, the senate commerce committee, the governor and the secretary of commerce during the legislative session immediately following the audit.

      (c)   If audit findings indicate that bond funds have been used for unauthorized or ineligible purposes, the city shall repay to the bond fund all such unauthorized or ineligible expenditures. Such city shall enter into a repayment agreement with the secretary of revenue specifying the terms of such repayment obligation.

      History:   L. 2005, ch. 132, § 13; Apr. 21.