12-1740.
Purpose of act; revenue bonds.
It is the purpose of this act to promote, stimulate and develop the general welfare and economic prosperity of the state of Kansas through the promotion and advancement of physical and mental health, industrial, commercial, agricultural, natural resources and of recreational development in the state; to encourage and assist in the location of new business and industry in this state and the expansion, relocation or retention of existing business, industry and health development; and to promote the economic stability of the state by providing greater employment opportunities, diversification of industry and improved physical and mental health, thus promoting the general welfare of the citizens of this state by authorizing all cities and counties of the state to issue revenue bonds, the proceeds of which shall be used for the purpose of paying all or part of the cost of purchasing, acquiring, constructing, reconstructing, improving, equipping, furnishing, repairing, enlarging or remodeling facilities for agricultural, commercial, hospital, industrial, natural resources, recreational development and manufacturing purposes and to enter into leases or lease-purchase agreements with any person, firm or corporation for such facilities. For the purpose of this act, the term facility shall include a site and the necessary site preparation, structures, easements, rights-of-way and appurtenances necessary and convenient to the particular type of facility being financed.
History:
L. 1961, ch. 81, § 1; L. 1969, ch. 85, § 1; L. 1981, ch. 74, § 1; July 1.
Notes of Decisions
State Ex Rel. Tomasic v. City of Kansas City, 701 P.2d 1314 (Kan. 1985).
· cites it 20× “In furtherance of its plans for development, the City of Kansas City, Kansas, has adopted a resolution of intent to issue approximately $775 million aggregate principal amount of IRB's to finance the project, pursuant to K.S.A. 12-1740 to 12-1749a inclusive, as amended (the…”
Genesis Health Club, Inc. v. City of Wichita, 181 P.3d 549 (Kan. 2008).
· cites it 7× “Main, Wichita, Kansas, the governing body of the City wiE consider for pubhc discussion the issuance of [1] not to exceed $11,850,000 principal amount of Taxable Industrial Revenue Bonds under K.S.A. 12-1740 et seq., [2] as weE as an accompanying ad valorem property tax…”
Rauh v. City of Hutchinson, 575 P.2d 517 (Kan. 1978).
· cites it 6× “On October 29, 1974, the commission adopted resolution #1637 in which it found that issuance of five million dollars of industrial revenue bonds would be in furtherance of the statutory purposes set forth in K.S.A. 12-1740 to 12-1749, inclusive, and would promote the welfare of…”
McAlister v. City of Fairway, 212 P.3d 184 (Kan. 2009).
· cites it 3× “The Rauh court held the industrial (now economic development) revenue bonds statutes set forth in K.S.A. 12-1740 to K.S.A. 12-1749 were comprehensive legislation declaring a statewide purpose and delegating the execution of the policies and authority set in the law to the cities…”
Bank of Alton v. Tanaka, 799 P.2d 1029 (Kan. 1990).
· cites it 6× “The lease was entered into pursuant to the Economic Development Revenue Bonds Act, K.S.A. 12-1740 et seq. To administer the lease and retire the bonds, the City entered into a trust indenture with the Bank.”
City of Olathe v. KAR Dev. Assocs., L.P. (In Re KAR Dev. Assocs., L.P.), 180 B.R. 629 (D. Kan. 1995).
· cites it 4× “This was done pursuant to the Kansas Economic Development Revenue Bond Act, K.S.A. §§ 12-1740 to 12-1749a, which empowers a city “to issue revenue bonds, the proceeds of which shall be used for the purpose of paying all or part of the cost of purchasing .”
In Re Petition of City of Moran, 713 P.2d 451 (Kan. 1986).
· cites it 4× “The bonds were issued pursuant to K.S.A. 12-1740 et seq., for the purpose of providing funds for the purchase of land and existing buildings, and to construct, furnish and equip the facility which was to be leased to The Farmers Cooperative Association (Cooperative).”
In Re Petroleum Prods., Inc., 72 B.R. 739 (Bankr. D. Kan. 1987).
· cites it 4× “On June 16, 1980, by resolution, the City of McPherson authorized a letter of intent, pursuant to § 12-1744e of the Economic Development Revenue Bond Act, K.S.A. 12-1740, et seq. to issue revenue bonds to Debtor’s affiliate and predecessor for the purpose of providing funds to…”
City of Topeka v. Imming, 344 P.3d 957 (Kan. Ct. App. 2015).
· cites it 3× “Rased on K.S.A. 12-1740 et seq., the city issued $5 million of industrial revenue bonds.”
In Re Cherokee Cnty., Kansas Health Care Facility Revenue Bonds, 946 P.2d 83 (Kan. 1997).
· cites it 2× “Pursuant to K.S.A. 12-1740 et seq., the Board of Cherokee County Commissioners (County) issued revenue bonds to fund construction of a nursing home and assisted living facility, as well as for the purpose of paying the cost of issuance and the interest on the bonds during the…”
City of Chanute v. Polson, 836 P.2d 6 (Kan. Ct. App. 1992).
“The bonds at issue here were issued under the provisions of K.S.A. 12-1740 et seq. Unfortunately, the statute does not provide any guidance as to priority of payment for different classes of bonds if there is a default and *161 the property securing the bonds is not worth the…”
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