Kansas Statutes 10-631. Act applicable at the election of issuer; rescission of election prohibited; applicable to previously issued bonds
(a) At the election of the issuer, made at any time prior to or at original issuance of the bond, this act may be made applicable, notwithstanding any provision of law to the contrary. When this act is applicable, it is alternative to any provision of law to the contrary and no such provision to the contrary shall apply.
(b) The public entity that authorizes the original issuance of the bond may make the election of the issuer which shall be part of the ordinance or resolution authorizing such issuance.
Terms Used In Kansas Statutes 10-631
- Bond: means a certificated or an uncertificated bond, no-fund warrant, temporary note or other agreement to repay borrowed money and any interest thereon whether in the form of a contract, lease, installment purchase agreement or otherwise, including a share, participation or other interest in any such agreement. See Kansas Statutes 10-621
- Issuer: means a public entity which issues a bond. See Kansas Statutes 10-621
- Original issuance: means the first transfer of a bond by an issuer to a purchaser. See Kansas Statutes 10-621
- Public entity: means the state of Kansas, political subdivisions, cities, counties, state universities or colleges, school districts, all special districts, joint agreement entities, public authorities, public trusts, nonprofit corporations and other organizations which are authorized under the constitution or laws of the state of Kansas to issue bonds, the interest thereon which may be exempt from federal income tax. See Kansas Statutes 10-621
(c) An issuer shall not rescind an election after original issuance of the bond.
(d) Nothing in this act shall limit or prevent the issuance of bonds in any other form or manner authorized by law.
(e) The provisions of this act may be made applicable to bonds which have heretofore been authorized and issued.