Brief (1)
HB 2185 allows improvement districts to issue revenue bonds with a 40-year maturity which are sold to the United States government or any of its agencies.
The bill is effective upon publication in the Kansas Register.
Background
A proponent representing a law firm specializing in municipal bond law said the change would allow improvement districts to secure loans under the U.S. Department of Agriculture's Rural Development program. This relatively low interest loan program allows local governments to finance various public improvement projects--most frequently water supply or wastewater treatment systems.
The bill has no fiscal impact.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext.cgi