72-1726. Teacher's retirement fund; assessments; tax levy, use of proceeds; gifts.
72-1726
72-1726. Teacher's retirement fund; assessments; tax levy, use of proceeds; gifts.In any city of the first class in the state of Kansas there may becreated by the board of education of such city a public school teachers'retirement fund, which fund when created, and the management anddisbursement thereof, shall be under the control of the board ofeducation of such city. Such retirement fund shall be created andmaintained in the following manner:
First. By an assessment of not less than one percent nor morethan six percent of every installment of salary paid to a teacheremployed in such city.
Second. By the setting aside by the board of education of suchcity of an amount which shall be not less than one and one-half timesthe amount of salary assessments, and not less than the amount necessaryto meet the payments herein provided for, such amount and an amount to paya portion of the principal and interest on bonds issued by cities underthe authority of K.S.A. 12-1774, and amendments thereto, for the financingof redevelopment projects upon property located within the school districtmay be raised byspecial levy and none of the debt or tax limitations provided by lawshall apply to such levy made under this act, except that in no eventshall such levy in any one year exceed one mill on each dollar ofassessed valuation of real and personal property located within thetaxing district of said board of education.
Third. By the receipt, by the gift or otherwise, of any real,personal, or mixed property, or any interest therein.
History: L. 1911, ch. 280, § 1; R.S. 1923, 72-1726; L. 1935,ch. 257, § 1; L. 1979, ch. 52, § 169; July 1.