Kansas Statutes 74-8937. Same; pledgeable revenues; limitations
Terms Used In Kansas Statutes 74-8937
- 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
- Board: means the board of trustees of Kansas City Kansas community college;
(2) "foundation" means the Kansas multi-sport and recreation foundation;
(3) "increment" means that amount of state and local sales tax revenue imposed pursuant to Kan. See Kansas Statutes 74-8936
- 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
- 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 (f) of Kan. Stat. Ann. § 74-8905, and amendments thereto, to finance the undertaking of the project in accordance with the provisions of this act, shall be made payable, both as to principal and interest:
(1) from revenues of the college or the foundation derived from or held in connection with the undertaking and carrying out of any redevelopment plan under this act;
(2) from any private sources, contributions or other financial assistance from the state or federal government;
(3) from sales tax increments from any sales taxes collected within the boundaries of the project area as described by the resolution of the board of trustees; or
(4) by any combination of these methods.
(b) Such revenue may be pledged to the repayment of such bonds prior to, simultaneously with or subsequent to the issuance of such bonds.
(c) No funds derived from student tuition shall be used to pay the principal or interest on bonds issued by the authority under subsection (f) of Kan. Stat. Ann. § 74-8905, and amendments thereto.