68-2325. Highway bond debt service fund, created; investment of moneys; payment of debt service on bonds.
68-2325
68-2325. Highway bond debt service fund, created; investment ofmoneys; payment of debt service on bonds.There is hereby established in the statetreasury the highway bond debt service fund.Moneys in the highway bond debt service fund may be invested in the samemanner as prescribed in subsection (b) of K.S.A. 68-2321.The secretary is hereby authorized and empowered, in themanner prescribed by law, to transfer from the state highwayfund to the highway bond debt service fund, upon duly executed order or voucherofthe secretary to the statedirector of accounts and reports, such amounts as shall be requiredfor paying the interest on all bonds and refunding bonds issued by thesecretary under this act; for retiring such bonds by their maturity ormaturities; for creating reserves for such purposes; for paying thepremium, if any, on a specified aggregate principal amount of such bonds orrefunding bonds which would be payable in such year if such principalamount of bonds or refunding bonds were to be redeemed prior to theirmaturity or maturities; for doing any of the acts authorized in K.S.A.68-2323;and for paying any administrative or other expenses incurred in carryingout the powers granted by this act.
The transfers to be made in any year pursuant to the provisionsof this section from the state highway fund shall be a first lien and claimon the state highway fund.
When the principal, redemption premium, if any, and interest on anyand all bonds issued pursuant to this act have either been paid or the lienof such bonds shall have been defeased in accordance with their terms sothat such bonds are deemed to have been paid, then any and all moneys heldin the highway bond debt service fund may be transferred by the secretaryto the state highway fund.
The secretary is hereby authorized and empowered, in the mannerprescribed by law, to expend from the highway bond debt service fund, uponduly executed order or voucher of the secretary to the state director ofaccounts and reports, such amounts as shall be required for the payment of debtservice on bonds issued pursuant to this act.
History: L. 1989, ch. 209, § 12; July 1.