72-1780. Retirement fund, certain cities; assessments; tax levy, use of proceeds; gifts.
72-1780
72-1780. Retirement fund, certain cities; assessments; tax levy, useof proceeds; gifts.In any city of the first class in the state of Kansas having apopulation of more than eighty thousand and less than one hundred twentythousand, there may be created by the board of education of such city aretirement fund for board of education employees, which fund, whencreated, and the management and disbursement thereof, shall be under thecontrol of the board of education of such cityexcept that this act shall not apply to any teachers or other employees whilethey are members of and participating in a separate school retirementsystem or fund operated by said board of education. Such retirement fundshall be created and maintained 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 such board ofeducation employee 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, forthe financing of redevelopment projects upon property located within theschool district may 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 exceed one-quarter mill on each dollar of assessedvaluation of real and personal property located within the taxingdistrict of said board of education.
Third, By the receipt, by gift or otherwise, of any real,personal, or mixed property, or any interest therein.
History: L. 1941, ch. 339, § 1; L. 1953, ch. 327, § 1; L. 1979,ch. 52, § 171; July 1.