72-7306. Unexpended bond funds of disorganized districts; use of funds; investment of funds.
72-7306
72-7306. Unexpended bond funds of disorganized districts; use offunds; investment of funds.The proceeds of any bonds of any school district disorganized under theprovisions of either K.S.A. 72-7304 or 72-7305, which proceeds are not encumberedby contractual obligations ofsuch school district being disorganized, shall be transferred to anddeposited in a special fund in the office of the county treasurer of thehome county of the school district being disorganized not later than theJuly 1 that such disorganization is effective for school instructionsand attendance purposes. All moneys in any such fund shall beappropriated and used by such county treasurer to pay the principal,interest, and other charges on the bonds from which such funds wereproduced, and the tax levy provided for under chapter 10 of KansasStatutes Annotated for payment of such principal, interest, and othercharges shall be reduced accordingly, so long as there remains a balancein such fund. Such county treasurer shall make a levy in accordance withchapter 10 of Kansas Statutes Annotated on the assessed taxable tangibleproperty in the territory of the school district disorganized underK.S.A. 72-7304 or 72-7305, to pay theprincipal, interest, and other charges on any such bonds to the extentnot paid from bond proceeds as provided above. Any such bond proceedsshall be invested by the county treasurer in accordance with K.S.A.10-131 to the extent not needed for current payment of principal,interest, and other charges on such bonds, and the interest on suchinvestments shall be deposited in such special fund with such bondproceeds and shall be used for the same purpose.
History: L. 1971, ch. 238, § 3; July 1.