31-305. Same; issuance of bonds and no-fund warrants; procedure; purpose.
31-305
31-305. Same; issuance of bonds and no-fundwarrants;procedure; purpose.(a) The governing body of any benefit district created under theprovisions of K.S.A. 31-301 et seq., and amendments thereto, mayissuegeneral obligation bonds of the district for the purpose of: (1)Acquiring land; (2) purchasing, acquiring, constructing, reconstructing,equipping and furnishingbuildings to house fire-fighting equipment; and (3) acquiring fire-fightingequipment.Before any bonds are issued, the governing body shall publish onceeach week for two consecutive weeks in a newspaper of general circulationwithin the district, a notice of itsintention to issue such bonds and stating the purpose for which such bondsare to be issued and the amount thereof. If within 60 days afterthe date of the last publication of such notice, a petition signed by not less than5% of the qualified electors residing in such district isfiled with the county election officer or in the case of a district withintwo counties, with the county election officer of each county, no bondsshall be issued until approvedby a majority of the qualified electors residing in the district votingat an election called and held therefor. The aggregate amountof outstanding bonds issued under this section shall not exceed 5%of the assessed valuation of taxable tangible property within the district. Suchbonds shall be issued and any election thereon shall be called and held inthe manner provided by the general bond law.
(b) The governing body of any such benefit district mayissue no-fund warrants in the manner provided in K.S.A. 79-2940, andamendments thereto. Allsuch warrants and interest thereon may be payable in approximately equalinstallments over a period of not to exceed five years from the first dayof July following issuance. The governing body shall make a levyat the first tax levying period after such warrants are issued sufficientto pay such warrants and the interest thereon as may be required during the budget year.
History: L. 1990, ch. 360, § 1; July 1.