§ 2-118. Temporary notes.

(a)

All temporary notes hereafter issued by the city council for the purpose of financing needed internal improvements shall be authorized upon substantial evidence reviewed by the city council, by resolution as they are needed. The resolution shall set out the denomination of the temporary note, the date thereof, the interest rate to be paid to the purchaser, the place of payment of the temporary note, the maturity and the provision for paying the temporary note prior to its maturity. All temporary notes hereafter issued by the city council shall be substantially in the form approved by the city council and on file in the office of the city clerk.

(b)

The mayor and city clerk shall be directed and authorized to execute each temporary note by the terms of the authorization resolution and the resolution shall further provide for the registration of the temporary note in the office of the city clerk and the state treasurer's office. The resolution shall further provide for the delivery of the temporary note, after its sale, to the purchaser upon payment of the purchase price and accrued interest, if any.

(Code 1967, § 2-67; Ord. No. 785, § 1-3, 4-17-1978)

State law reference

Temporary notes, K.S.A. 10-123 .