Kan. Admin. Regs. § 110-3-11

Current through Register Vol. 43, No. 49, December 5, 2024

Section 110-3-11 - Repayment assurances

(a) Any applicant may be required by the secretary to levy an annual property tax sufficient to pay the loan principal and interest, which annually may be reduced by non-property tax revenue sources that may be lawfully available for loan repayment.

(b) Delinquent loan repayments shall be collected by deducting the delinquent amount from payments made by state agencies to the local governmental entity that is delinquent in its loan repayment.

(c) If a loan recipient is more than six months delinquent with any scheduled loan repayment, foreclosure proceedings shall be initiated by the secretary in accordance with the terms of any loan contract made under this program. Foreclosure actions may include the seizure of any public improvements or property paid for with partnership fund loan proceeds. All loan amounts and accrued interest outstanding may be declared to be payable on demand.

Kan. Admin. Regs. § 110-3-11

Authorized by and implementing L. 1988, Ch. 394, Sec. 2-3; effective Feb. 27, 1989.