Kan. Admin. Regs. § 28-16-115

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

Section 28-16-115 - Dedicated loan repayment source

(a) Each loan recipient shall adopt one or more dedicated sources of revenue for repayment of the loan including principal and interest. The dedicated sources of revenue may be in the form of user charges, ad valorem taxes, special tax assessments, another permanent source of revenue or some combination of these sources. Each dedicated source of revenue shall be legally available to the loan recipient over the life of the loan repayment obligation and pledged to the repayment of the loan. Each dedicated source of revenue shall be approved by the secretary.

(b) Each loan recipient shall conduct a revenue source review every fifth year following the date of the loan agreement during the entire life of the loan repayment obligation and shall implement the new revenue rates as approved by the secretary.

Authorized by K.S.A. 1988 Supp. 65-3323; implementing K.S.A. 1988 Supp. 65-3326 and 65-3327; effective May 29, 1989.