Kansas Statutes 82a-1317. Same; failure to make payment for water; interest on overdue payment
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Terms Used In Kansas Statutes 82a-1317
- Authority: means the Kansas water authority. See Kansas Statutes 82a-1301
- Contract: A legal written agreement that becomes binding when signed.
- Person: means and includes a natural person, partnership, organization, association, private corporation, public corporation, any taxing district or political subdivision of the state, and any department or agency of the state government. See Kansas Statutes 82a-1301
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
If any person financially obligated under a contract made under Kan. Stat. Ann. § 82a-1305, and amendments thereto, should fail to make any of the payments when due, then the overdue payments shall bear interest compounded annually at the rate equal to the average rate of interest per annum earned in the preceding calendar year on repurchase agreements of less than 30 days’ duration entered into by the pooled money investment board until paid. This provision shall not be construed as giving the person an option of either making payments when due or paying interest nor shall it be construed as waiving any of the rights of the authority or the state of Kansas that might result from any default by the person.