68-2320. Powers of secretary of transportation; issuance of bonds; limitations.
68-2320
68-2320. Powers of secretary of transportation; issuance of bonds; limitations.(a) On and after July 1, 1991, the secretary of transportationis hereby authorized andempowered to issue bonds of the state of Kansas, payable solely fromrevenues accruing to the state highway fund and transferred to the highwaybond debt service fund and pledged to their payment,for the purpose of providing funds to pay costs relating to construction,reconstruction, maintenance or improvement of highways in this state and to payall expenses incidental thereto and to the bonds.The secretary is herebyauthorized to issue bonds the total principal amount of which shall notexceed $890,000,000.
(b) In addition to the provisions of subsection (a), on and after July 1,1999, the secretary of transportation is hereby authorized and empowered toissue bonds of the state of Kansas, payable solely from revenues accruing tothe state highway fund and transferred to the highway bond debt service fundand pledged to their payment, for the purpose of providing funds to pay costsrelating to construction, reconstruction, maintenance or improvement ofhighways in this state and to pay all expenses incidental thereto and to thebonds. The secretary is hereby authorized to issue bonds the total principalamount of which shall not exceed $1,272,000,000.
(c) In accordance withprocurement statutes, the secretary may contract with financialadvisors, attorneys and such other professional services as the secretarydeems necessary to carry out the provisions of this act, and to do allthings necessary or convenient to carry out the powers expressly granted inthis act.
History: L. 1989, ch. 209, § 7;L. 1999, ch. 137, § 16;L. 2001, ch. 182, § 1; May 24.