72-17,120. Same; residues; tax levy, use of proceeds; interest from investments.
72-17,120
72-17,120. Same; residues; tax levy, useof proceeds; interest from investments.For the purpose of financing the supplemental retirement systemestablished under the provisions of this act, the board of educationshall establish a supplemental retirement fund to which shall becredited:
(1) Any residue in a retirement fund established under any of theprovisions of K.S.A. 72-1726 to 72-1734, inclusive, and amendmentsthereto, or K.S.A. 72-1780 to 72-17,107, inclusive, and amendmentsthereto, after payment of the state school retirement fund of theamounts required by subsection (d) of K.S.A. 72-5501.
(2) The proceeds of a special tax levy of not to exceed two millsper annum upon all taxable tangible property within the taxingjurisdiction of the board of education; and said board of education ishereby authorized to make such an annual tax levy for such retirementfund and for the purpose of paying a portion of the principal andinterest on bonds issued by cities under the authority of K.S.A.12-1774, and amendments thereto, for the financing ofredevelopment projects upon property located within the school district.Said levy shall be in addition to all other tax levies authorized orlimited by law and shall not be subject to or within any aggregate taxlevy limits prescribed by article 19 of chapter 79 of the KansasStatutes Annotated and any amendments thereto.
(3) Interest from investments of the fund.
History: L. 1953, ch. 328, § 4; L. 1979, ch. 52, § 176; July 1.