55-1405. Same; limited effect of indefinite escalator clauses; price calculated monthly; exceptions.
55-1405
55-1405. Same; limited effect of indefinite escalator clauses; pricecalculated monthly; exceptions.Notwithstanding the restriction on the operation of indefinite price escalatorclauses imposed by K.S.A. 55-1404, after March 1, 1979, such indefiniteprice escalator clauses in gas purchase contractssubject to this act may be given effect in accordance with their terms tothe extent that the price payable under such contracts is not increasedabove the maximum price such gas would receive if it qualified under section109(b) of the natural gas policy act of 1978. The maximum price shall becalculated on a monthly basis. Nothing in this section shall be construedto apply to gas produced from new wells, new reservoirs or stripper wellsas defined by this act.
History: L. 1979, ch. 171, § 5; May 29.