65-163e. Same; public water supply loan fund established; sources of revenue; purposes for disbursements therefrom.

463 words·~2 min read·/ks/chapter-65/65-163e

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)There is hereby established in the state treasury the public water supply loan fund.

(b)Moneys from the following sources shall be credited to the fund:

(1)Amounts received by the state from the federal government for the purposes of the fund;

(2)amounts appropriated or otherwise made available by the legislature for the purposes of the fund;

(3)proceeds derived from the sale of bonds issued under K.S.A. 65-163l through 65-163t , and amendments thereto;

(4)amounts of repayments of loans made under this act, together with payments of interest thereon, in accordance with agreements entered into by the borrower and the secretary;

(5)interest attributable to investment of moneys in the fund; and

(6)amounts received from any public or private entity for the purposes of the fund.

(c)Subject to the conditions and in accordance with requirements of this act, moneys credited to the fund shall be used only:

(1)To make loans to municipalities for payment of all or part of project costs;

(2)as a source of revenue or security for the payment of principal and interest on bonds issued under K.S.A. 65-163l through 65-163t , and amendments thereto, if, and to the extent that, the proceeds of the sale of such bonds are deposited in the fund;

(3)as a source of revenue or security for the payment of principal and interest on bonds issued by the Kansas development finance authority pursuant to the provisions of K.S.A. 65-3321 through 65-3329 , and amendments thereto;

(4)to earn interest on moneys in the fund; and

(5)for the reasonable costs, as determined by the secretary, of administering the fund and conducting activities under this act. Such costs shall be identified annually in development of the intended use plan as described in K.S.A. 65-163h , and amendments thereto.

(d)On or before the 10 th of each month, the director of accounts and reports shall transfer from the state general fund to the public water supply loan fund interest earnings based on:

(1)The average daily balance of moneys in the public water supply loan fund for the preceding month; and

(2)the net earnings rate of the pooled money investment portfolio for the preceding month.

(e)All payments and disbursements from the fund shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the secretary or by a person or persons designated by the secretary. All payments and disbursements from the fund, and beginning and ending balances thereof, shall be subject each year to post audit in accordance with article 11 of chapter 46 of the Kansas Statutes Annotated.