Kansas Statutes 74-8924. Same; sources of revenue to finance the bonds
Terms Used In Kansas Statutes 74-8924
- Act: means the Kansas development finance authority act. See Kansas Statutes 74-8902
- Authority: means the Kansas development finance authority created by Kan. See Kansas Statutes 74-8902
- Bonds: means any bonds, notes, debentures, interim certificates, grant and revenue anticipation notes, interest in a lease, lease certificate of participation or other evidences of indebtedness, whether or not the interest on which is subject to federal income taxation, issued by the authority pursuant to this act. See Kansas Statutes 74-8902
- project: means the construction of a multi-sport athletic complex and the improvement of facilities within the project area; and
(5) "project area" means the boundaries of the area in which the project will be undertaken as described by the board, but shall not include the boundaries of any redevelopment district in a major tourism area which includes an auto race track facility located in Wyandotte county as follows: Beginning at the intersection of Interstate 70 and Interstate 435; west along Interstate 70 to 118th Street; north along 118th Street to State Avenue; northeasterly along proposed relocated State Avenue to 110th Street; north along 110th Street to Parallel Parkway; east along Parallel Parkway to Interstate 435; South along Interstate 435 to Interstate 70. See Kansas Statutes 74-8936
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: means the state of Kansas. See Kansas Statutes 74-8902
- Undertaking: means a promise or security in any form where required by law. See Kansas Statutes 77-201
(a) Any bonds issued by the authority under subsection (e) of Kan. Stat. Ann. § 74-8905, and amendments thereto, or by Johnson county or Labette county under this act to finance the undertaking of any redevelopment project in accordance with the provisions of this act, shall be made payable, both as to principal and interest:
(1) From property tax increments, other than an increment derived from ad valorem taxes levied by or on behalf of a school district, allocated to, and paid into a special fund of the authority under the provisions of Kan. Stat. Ann. § 74-8925, and amendments thereto;
(2) from revenues of the authority or the developer derived from or held in connection with the undertaking and carrying out of any redevelopment plan under this act;
(3) from any private sources, contributions or other financial assistance from the state or federal government;
(4) when otherwise authorized by law, from the revenue collected by the state under Kan. Stat. Ann. § 74-8927, and amendments thereto;
(5) from a portion or all increased revenue received by any city or county from franchise fees collected from utilities and other businesses using public right-of-way within the redevelopment district;
(6) when otherwise authorized by law, from a portion or all of the revenue received from sales taxes collected within the redevelopment district pursuant to Kan. Stat. Ann. § 12-187, and amendments thereto; or
(7) by any combination of these methods.
(b) The authority may pledge such revenue to the repayment of such bonds prior to, simultaneously with, or subsequent to the issuance of such bonds.