72-17,123. Same; issuance of no-fund warrants, when; payment.
72-17,123
72-17,123. Same; issuance of no-fund warrants, when; payment.If at any time the supplemental retirement fund, exclusive of amountssubject to withdrawal by the members, shall be insufficient to payretirement benefits to the members as they become due, no-fund warrantsmay be issued by the board of education as provided by K.S.A. 79-2940, orany amendments thereto, except thenotation required in said section shall be: "Issued pursuant toauthority of law" followed by the citation of this act: Provided,That such no-fund warrants shall not be issued after the end of thefirst full fiscal year following the effective date of this act, and theapproval of the state commission of revenue and taxation shall not berequired for the issuance of such warrants.
The board of education shall use the proceeds of such no-fundwarrants to pay the retirement benefits accruing to members of thesupplemental retirement system. The said board of education shall make alevy at the first tax levying period after such warrants are issuedsufficient to pay such warrants and the interest thereon as may berequired during any budget year. Such levy shall be in addition to allother levies authorized or limited by law and shall not be subject tonor within any aggregate tax levy limit prescribed by article 19 ofchapter 79 of the Kansas Statutes Annotated or any amendments thereto.
History: L. 1953, ch. 328, § 7; April 8.