71-502. Bonds in lieu of capital outlay levy; limitations.
71-502
71-502. Bonds in lieu of capital outlay levy; limitations.(a) Any moneys in the capital outlay fund of any communitycollege district and any moneys received from issuance of bonds underthis section may be used for the purposes specified in K.S.A. 71-501, andamendments thereto. The board of trustees of anycommunity college district which is unconditionally authorized tomake a tax levy under authority of article 5 of chapter 71 of KansasStatutes Annotated, in lieu of making all or part of such tax levy, mayissue and sell general obligation bonds as now provided by law for theissuance of general obligation bonds for buildings by such board oftrustees, except that such bonds shall be issued to mature in not morethan five (5) years and except that no election shall be required. Inthe event that bonds are issued under authority of this section, theamount of such bonds which may be issued shall be determined asfollows:
(1) The amount of such bonds shall not exceed the amount of theproduct which results from multiplying the remaining number of yearsprovided in the resolution authorizing the capital outlay fund tax levyand adopted under K.S.A. 71-501, and amendments thereto,times the mill rate provided in said resolution times the assessedvaluation of the taxable tangible property of the district at the timethe bonds are issued, less the sum of all amounts specified inparagraphs (2) and (3) of this subsection.
(2) The maximum amount of bonds authorized by this section to beissued shall be reduced by all amounts which have been or will bereceived by such community college district from any tax levymade under authority of said resolution prior to the issuance of suchbonds, and such maximum amount shall be further reduced by the estimatedamount of interest to be paid on such bonds.
(3) The maximum amount of bonds authorized by this section to beissued shall be reduced by an amount equal to the amount of unpaidprincipal on bonds which have theretofore been issued under thissection.
(b) Bonds issued under the authority conferred by this section bythe board of trustees of any community college shall not besubject to or within any bonded debt limitation prescribed by law and,in determining the amount of bonded indebtedness of any such community collegein applying any such bonded debt limitation, bonds issuedunder this section shall not be considered.
History: L. 1969, ch. 343, § 1; L. 1972, ch. 268, § 1; L.1977, ch. 232, § 3; L. 1979, ch. 214, § 2; L. 1980, ch. 207, § 26; July 1.