68-2098. Modern express highways; issuance of highway revenue bonds.
68-2098
68-2098. Modern express highways; issuance of highway revenue bonds.The authority is hereby authorized to provide by resolution at one timeor from time to time for the issuance of highway revenue bonds of the authorityin an amount not exceeding $242,000,000for thepurpose of paying the cost of any project or projects. The principal of andthe interest on such bonds shall be payable solely from the funds hereinprovided for such payment, including any payments to the authority from thestate highway fund or state freeway fund provided to be made pursuant tothe provisions of this act and the act of which this section is amendatory,and pledged for their payment. The bonds of each issue shall be dated,shall bear interest at a rate not exceeding the maximum rate of interestprescribed by K.S.A. 10-1009, and amendments thereto, shall mature at such timenot exceeding40 years from their date, as determined by the authority, and may bemade redeemable before maturity, at the option of the authority, at suchprice and under such terms and conditions fixed by theauthority prior to the issuance of the bonds. Nobonds may be sold for an amount less than par value plus accrued interest. Theauthority shall determine the form and the manner of execution of thebonds, including any interest coupons to be attached thereto, and shall fixthe denomination of the bonds and the place ofpayment of principal and interest, which may be at any bank or trustcompany within or without the state. In case any officer whose signature ora facsimile of whose signature appears on any bonds or coupons shallcease to be such officer before the delivery of such bonds, such signatureor such facsimile shall nevertheless be valid and sufficient for allpurposes the same as if such officer had remained in office until such delivery. Allbonds issued under the provisions of this act shall have all the qualitiesand incidents of negotiable instrumentsunder the negotiable instruments law of the state. The bonds may be issuedin coupon or in registered form, or both, as the authoritydetermines,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 both principaland interest and for the interchange of registered and coupon bonds. Theauthority may sell such bonds in such manner and for such price as it determineswill best effect the purposes of this act.
The proceeds of the bonds shall be used solely for the payment of thecost of any highway project or projects and shall be disbursed in suchmanner and under such restrictions, if any, as the authorityprovides inthe resolution authorizing the issuance of such bonds or in the trustagreement securing the same. If the proceeds of thebonds exceed such cost, the surplus shall be deposited to the creditof the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority, underlike restrictions, may issue interim receipts or temporary bonds with orwithout coupons, exchangeable for definitive bonds when such bonds areexecuted and are available for delivery. The authority alsomay provide for the replacement of any bonds whichare mutilated, destroyed or lost. Bonds may be issued under the provisions ofthis act without obtaining the consent of any department, division,commission, board, bureau or agency of the state, and without any otherproceedings or the happening of any other conditions or things than thoseproceedings, conditions or things which are specifically required by thisact.
History: L. 1973, ch. 269, § 6; L. 1974, ch. 275, § 5; L. 1974,ch. 276, § 4; L. 1983, ch. 49, § 93; May 12.