2006 Kansas Code - 19-3554

      19-3554.   Issuance of no-fund warrants; assessments. The governing body of any district created pursuant to K.S.A. 19-3545 et seq. may issue no-fund warrants in amounts sufficient to pay preliminary engineering, financial and legal services to determine the advisability of proceeding with the acquisition or construction of a water supply system. Such warrants shall be authorized, issued, registered and redeemed as prescribed by K.S.A. 79-2940 and shall bear interest at a rate not to exceed the maximum rate prescribed by K.S.A. 10-1009. Any surplus existing after the redemption of such warrants shall be handled in the manner prescribed by K.S.A. 79-2940.

      The governing body of the district shall make not more than five equal annual tax levies, as determined by the board of tax appeals, at the next succeeding tax-levying periods after such warrants are issued in an amount sufficient to pay such warrants and interest thereon.

      History:   L. 1977, ch. 353, § 10; L. 1982, ch. 125, § 2; April 29.