The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1919-03-31
published in he Topeka State Journa
March 81, 1871

March IL, 13lol
SUBSTITUTE FOR SENATE BILL No. Al.
AN ACT relating to the investment of
sinking fund. and amending section $50
of the General Statutes of 1919, and re-
pealing such original section.
Be it enacted by the Legislature OF the
State of Kansas:
Section l. That section $50 of the General
Statutes of Kansas of 1915 be amended mend, to
proper officers having charge and control
of any moneys which have been or may
hereafter be levied and collected as sink
ing fund to redeem the outstanding bonds
of any county, township. city or school dis
trict may invest such sinking fund by. pur-
chasing the bonds of any county. town
ship, city school district within the state
of Kansas. subject to the following con-
ditions: First. no such bonds shall be
purchased unless the same shall be accom-
panied by certificate of the attorney
general of the state of Kansas in accor-
dance with section q of chapter ITO of the
General Statutes of 1909 of the state of
Kansas, showing such bonds to be ac-
ceptable as security forSdeposit of state
funds under the state depository law
under this act which shall not mature and
become due at or prior to the time fixed
for the payment of the bonds for which
such sinking fund was created. Third, no
sinking fund shall be invested under this
act i'll the bonds of any county. township,
city or school district where the bonded
and floating Indebtedness thereof shall
exceed ten percent of its total assessed
valuation . as shown own by the last assess assess
any officer or officers investing sinking
funds under this act shall be authorized
to pay such premium as may be necessary
to secure the bonds desired in the open
market: Provided, that no premium shall
be paid for any bonds purchased under
ducing the annual income from such in
vestment to less than three percent: Pro
vided further. that in cities of the first
5000, the proper officers having charge
and control of moneys as hereinbefore de-
scribed may and are authorized, in cases
where work is being performed in and for
such city, by an original contractor with
such city, under contract and bonds as
or has issued bonds to enable 1t to pay for
such work or Improvements but such bonds
have not been sold, or the proceeds Of
city, loan or advance to said contractor.
out of such moneys held as sinking fund
or funds, upon a partial estimate duly
issued to such contractor, and duly as
signed to such city, for a period not ex-
ceeding ninety days, sum of money not
of such partial estimate, at a rate of inter
est not less than four and one-half percent
per annum. which moneys so loaned or
advanced shall be Immediately returned to
and replaced in the sinking fund from
which the same has been taken out of the
first moneys received by such city from
the sale of said bonds. No such loan or
advance, however. shall be made unless the
bonds of said city issued or TO be issued
for the payment of such contract are to
be sold within the said period of ninety
days: and no moneys shall be taken for
the purpose of such loan or advance. from
any sinking fund funds. for the pay
ment of bonds maturing within six months
from the date of the making of such loan
or advance. All moneys received as inter
est upon the loan or advance hereinbefore
provided for shall. upon its receipt by sucIl
officers, be Immediately placed in the par
ticular sinking fund from which such loan
or advance was made and credited to. and
thereafter form a part Of such sinking
fund.
Sec .. That section $50 of the General
Statutes of 1915 is hereby repealed.
Sec 3. That this act shall take effect and
be in force from and after IFS publicat ton
in the official state paper
] hereby certify that the above Bill origi-
mated in the Senate, and passed that body
February 13. 1919.
President Of the Senate.
EMMETT b GEORGE.
Secretary Of the Senate.
Passed the House March IL 1919.
W. =. LAMBERTSOS-
Speaker Of the House.
CLARENCE w. MILLER.
Chief Clerk OF the House.
Approved March %. 1919
HENRY J. ALLEN. Governor.
State of Kansas.
Office of Secretary of State
I. l. ]. PETTIJOHS. Secretary of State
Of the State of Kansas. do hereby certify
that the above and foregoing is correct
copy Of the original enrolled bill now OF
file IN my office
IN TESTIMONY WHEREOF / have
hereunto subscribed my M me
[SeaLl and affixed my official seal.
this Gath day of March. 1919.
l. J. pETTiJpHS.
Secretary OF State