27-332. Same; transfer of city property and funds to authority; payment of debts on property transferred.
27-332
27-332. Same; transfer of city property and funds to authority;payment of debts on property transferred.(a) All property and any funds belonging to any airport authoritypreviously established by charter ordinance of the city prior to theeffective date of this act, and property and funds to which suchauthority may hereafter be entitled, shall become the property of theauthority created pursuant to this act upon the adoption of theprovisions of this act, as provided in K.S.A. 27-328. Exceptas provided in subsection (b), the city shall transfer and convey tosuch authority, without consideration, any public airport property ownedby such city.
(b) Any authority created pursuant to this act, or the act of whichthis section is amendatory, shall pay to the city an amount equal to anyoutstanding bonded indebtedness of the city, and interest thereon whichis properly attributable to any property transferred under subsection(a), at such time or times as the same becomes due or payable, exceptthat the authority shall not be required to make any such payments priorto maturity without its consent. Such amount shall be paid to the cityfrom revenues produced from the property to which this section appliesand no other funds available to the authority may be used for suchpurpose.
History: L. 1978, ch. 148, § 6; L. 1979, ch. 114, § 6; April 27.