68-2328. Authority to issue refunding bonds; refunding freeway bonds.
68-2328
68-2328. Authority to issue refunding bonds; refunding freeway bonds.(a) Bonds may be issued for the purpose of refunding, either atmaturity or in advance of maturity, any bonds issued under this act.Bonds may be issued subsequent to the effective date of this act for thepurpose of refunding, either at maturity or in advance of maturity, bonds issuedunder article 23 of chapter 68 of the Kansas Statutes Annotated, andamendments thereto. Suchrefunding bonds may either be sold or delivered in exchange for the bondsbeing refunded. If sold, the proceeds may either be applied to the paymentof the bonds being refunded or deposited in trust and there maintained incash or investments for the retirement of the bonds being refunded, asshall be specified by the secretary and the authorizing resolution or trustindenture securing such refunding bonds. The authorizing resolution ortrust indenture securing the refunding bonds may provide that the refundingbonds shall have the same security for their payment as provided for thebonds being refunded. Refunding bonds shall be sold and secured inaccordance with the provisions of this act pertaining to the sale andsecurity of the bonds.Any bonds that have been issued pursuant to this section shall not becounted toward the limit on the aggregate principal amount of bondsestablished under K.S.A. 68-2320.
(b) When all bonds issued under article 23 of chapter 68 of the KansasStatutes Annotated, and amendments thereto,have either been paid or the lien of such bonds shall have been defeased inaccordance with theirterms so that the bonds are deemed to have been paid, thesecretary of transportation shall certify such facts to the director ofaccounts and reports and upon receipt of such certification the director ofaccounts and reports shall transfer all moneys in the state freeway fund tothe state highway fund and upon such transfer all liabilities of the statefreeway fund are hereby transferred to and imposed upon the state highwayfund and the state freeway fund is hereby abolished. Upon the abolition ofthe state freeway fund, any reference to the state freeway fund or anydesignation thereof, in any statute, contract or other document shall meanthe state highway fund.
History: L. 1989, ch. 209, § 15; July 1.