68-2007. Turnpike revenue bonds; issuance.
68-2007
68-2007. Turnpike revenue bonds; issuance.The authority is hereby authorized to provide by resolution, at one timeor from time to time, for the issuance of turnpike revenue bonds of theauthority for the purpose of paying all or any part of the cost of anyone or more turnpike projects. The principal of and the interest on suchbonds shall be payable solely from the funds herein provided for suchpayment. The bonds of each issue shall be dated, shall bear interest atsuch rate not exceeding the maximum rate of interest prescribedby K.S.A. 10-1009, and amendments thereto, shall mature at such timenot exceeding 40 years from their date, as determinedby the authority, and may be made redeemable before maturity, at theoption of the authority, at such price and under such termsand conditions as may be fixed by the authority prior to the issuance ofthe bonds. The authority shall determine the form of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination of the bonds and the place ofpayment of principal and interest, which may be at any bank or trustcompany within or without the state. The bonds shall be signed by the chairpersonof the authority or shall bear afacsimile signature of the chairperson, and theofficial seal of the authority shall be impressed thereon and attestedby the secretary-treasurer of the authority. Any coupons attachedthereto to such bonds shall bear the facsimile signature of thechairperson of theauthority. In case any officer whose signature or a facsimile of whosesignature appears on any bonds or coupons shall cease to be suchofficer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposesthe same as if such officer had remained in office until suchdelivery. All bondsissued under the provisions of this act shall have all the qualities andincidents of negotiableinstruments under the negotiable instruments law of the state. The bondsmay be issued in coupon or in registered form, or both, as the authoritydetermines, and provision may be made for the registration of anycoupon bonds as to both principal andinterest, for the reconversion into coupon bonds of any bonds registeredas to both principal and interest, and for the interchange of registeredand coupon bonds. The authority may sell such bonds in such manner andfor such price as it determines will best effect thepurposes of thisact.
The proceeds of the bonds of each issue shall be used solely for thepayment of the cost of the turnpike project or projects for which suchbonds have been issued, and shall be disbursed in such manner andunder such restrictions, if any, as the authority provides in theresolution authorizing the issuance of such bonds or in the trustagreement hereinafter mentioned securing the same. If the proceeds ofthe bonds of any issue, by error of estimates or otherwise, shall beless than such cost, additional bonds may in like manner be issued toprovide the amount of such deficit, and, unless otherwise provided inthe resolution authorizing the issuance of such bonds or in the trustagreement securing the same, shall be deemed to be of the same issue andshall be entitled to payment from the same fund without preference orpriority of the bonds first issued. If the proceeds of the bonds of anyissue exceed such cost, surplus shall be deposited to the creditof the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may,under like restrictions, issue interim receipts or temporary bonds, withor without coupons, exchangeable for definitive bonds when such bonds havebeen executed and are available for delivery. The authoritymay also provide for the replacement of any bonds whichare mutilated, destroyed or lost. Bonds may be issued under theprovisions of this act without obtaining the consent of any department,division, commission, board, bureau or agency of the state and withoutany other proceedings or the happening of any other conditions or thingsthan those proceedings or conditions which are specificallyrequired by this act.
History: L. 1953, ch. 308, § 7; L. 1970, ch. 64, § 81; L. 1983,ch. 49, § 89; May 12.