68-2035. Modern express highways in congested areas; turnpike revenue bonds.
68-2035
68-2035. Modern express highways in congested areas; turnpike revenue bonds.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 including any payments to the authority from the state highwayfund provided to be made pursuant to the provisions of K.S.A. 68-2033,and amendments thereto, and pledged for their payment. The bonds of eachissue shall be dated,shall bear interest at such rate not exceeding the maximum rateof interest prescribed by K.S.A. 10-1009, and amendments thereto, shallmature at such time not exceeding 40 years from their date, as determinedby the authority, and may be maderedeemable before maturity, at the option of the authority, at suchprice and under such terms and conditions as may be fixed bythe authority prior to the issuance of the bonds.
The authority shall determine the form of the bonds, including anyinterest coupons attached thereto, and shall fix the denomination of thebonds and the place of payment ofprincipal and interest, which may be at any bank or trust company withinor without the state. The bonds shall be signed by the chairpersonof theauthority or shall bear a facsimile signature of the chairperson, and the official sealof the authority shall be impressed thereon and attested by thesecretary-treasurer of the authority, and any coupons attached theretoshall bear the facsimile signature of the chairperson of the authority. Incase any officer whose signature or a facsimile of whose signature appearson any bonds or coupons shall cease to be such officer before thedelivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as ifsuch officerhad remained in office until such delivery. All bonds issued under theprovisions of this act shall have allthe qualities and incidents of negotiable instruments under thenegotiable instruments law of the state. The bonds may be issued incoupon or in registered form, or both, as the authority may determine,and provision may be made for the registration of any coupon bonds as toboth principal and interest, for thereconversion into coupon bonds of any bonds registered as to bothprincipal and interest, and for the interchange of registered and couponbonds. The authority may sell such bonds in such manner and for suchprice as it determines will best effect the purposes of this act.
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 securing the same. If the proceeds ofthe bonds of any issue, by error of estimates or otherwise,is less 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,under like restrictions, may issue interim receipts or temporary bonds,with or without coupons, exchangeable for definitive bonds when suchbonds have been executed and are available for delivery. Theauthority may also provide for the replacement of any bonds which aremutilated, destroyed or lost. Bonds may be issuedunder the provisions of this act without obtaining the consent of anydepartment, division, commission, board, bureau or agency of the state,and without any other proceedings or the happening of any otherconditions or things than those proceedings or conditions whichare specifically required by this act.
History: L. 1957, ch. 368, § 6; L. 1970, ch. 64, § 82; L. 1983,ch. 49, § 90; May 12.