Session of 2023
HOUSE BILL No. 2336
By Committee on Transportation
2-7
AN ACT concerning the surplus property and public airport authority act;
relating to bonding authority; providing for increased bonding authority
up to $10,000,000; amending K.S.A. 27-334 and repealing the existing
section.
Be it enacted by the Legislature of the State of Kansas:
Section 1. K.S.A. 27-334 is hereby amended to read as follows: 27-
334. (a) The authority may issue its own general obligation bonds, revenue
bonds and industrial revenue bonds as provided by this section.
(b) Prior to the issuance of general obligation bonds in an amount less
than $1,000,000 $10,000,000, the board of directors of the authority shall
adopt a resolution setting forth the principal amounts of and the purpose
for which the bonds are to be issued, and shall cause the same such
resolution to be published once each week for two consecutive weeks in
the official county newspaper. If, within 30 days after publication of the
resolution, a petition in opposition to the issuance of the bonds, signed by
not less than 5% of the qualified electors of the county is filed with the
county election officer, the board of directors shall submit the proposed
issuance of general obligation bonds to the electors of the county in the
manner provided in the general bond law. If a majority of the voters voting
on the proposition at the election vote in favor of the issuance, the bonds
may be issued by the authority.
The board of directors shall submit any proposed issuance of general
obligation bonds in an amount which that is equal to or which exceeds
$1,000,000 $10,000,000 for approval at a primary or general election by
the qualified electors of the county. The election shall be called and held in
the manner provided by the general bond law. If a majority of the voters
voting on the question vote in favor thereof, the bonds may be issued in
the manner provided by the general bond law. Whenever an election has
been called in which all of the qualified electors of the county are eligible
to vote, the board also may submit for approval at such election any
proposed issuance of general obligation bonds in an amount which that is
equal to or which exceeds $1,000,000 $10,000,000.
General obligation bonds of the authority shall not be issued in an
amount in excess of 1.85% of the assessed valuation of all the taxable
tangible property within the county as shown by the assessment books of
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the previous year. The general obligation bonds of the authority shall be
authorized, issued, registered and sold in the manner provided by the
general bond law and shall bear interest at a rate not to exceed the
maximum rate prescribed by K.S.A. 10-1009, and amendments thereto.
The full faith and credit of the authority shall be pledged to the payment of
the general obligation bonds of the authority. The general obligation bonds
of the authority shall not constitute a debt or obligation of the city or
county.
(c) The authority may issue revenue bonds from time to time for the
purpose of purchasing, constructing or otherwise acquiring, repairing,
extending or improving any property or facility of the authority and may
pledge to the payment of the revenue bonds, both principal and interest,
any rental, rates, fees or charges derived or to be derived by the authority
from property or facilities owned or operated by it. The revenue bonds of
the authority shall mature not later than 35 years after the date of issuance.
The revenue bonds shall bear interest at a rate not exceeding the maximum
rate of interest prescribed by K.S.A. 10-1009, and amendments thereto.
The bonds and any interest coupons shall be negotiable. The bonds shall
contain recitals stating the authority under which the bonds are issued, that
they are issued in conformity with the provisions, restrictions and
limitations of the authority and that the bonds and interest thereon shall be
paid by the issuing authority from any rental, rates, fees or charges derived
or to be derived by the authority from property or facilities owned or
operated by it and not from any other fund or source. The bonds shall be
registered in the office of the secretary or clerk of the authority issuing the
bonds.
(d) The authority may issue the industrial revenue bonds of the
authority in the manner provided by K.S.A. 12-1740 to through 12-1749,
inclusive, and amendments thereto, and any other applicable provisions of
law.
(e) The board of directors may, on its own initiative, submit any
proposed issuance of bonds for approval, by the qualified electors of the
county at a primary or general election. Such election shall be otherwise
called and held in the manner provided by the general bond law. Whenever
an election has been called in which all the qualified electors of the county
are eligible to vote, the board also may submit the question of issuing such
bonds for approval at such election.
Sec. 2. K.S.A. 27-334 is hereby repealed.
Sec. 3. This act shall take effect and be in force from and after its
publication in the statute book.
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