Industrial Revenue Bonds Kansas

9 1402 deposits of public moneys of kansas municipal and quasi municipal corporations must be secured according to one of the statutorily prescribed methods.

Industrial revenue bonds kansas. 12 1740 et seq on behalf of private businesses or non profit agencies. This study found that many of the criticisms of industrial revenue bonds were applicable to the kansas pattern of usage. A city or county may issue industrial revenue bonds for the purchase construction improvement or remodeling of a facility for agricultural commercial hospital industrial natural resources recreational development or manufacturing purposes. Industrial revenue bonds are a mechanism that kansas cities and counties use to allow companies to avoid paying property and sales taxes.

Approved revenue bonds for pledging to public funds. Industrial revenue bonds irbs are among the most popular and cost effective methods of financing up to 100 percent of a new or growing business land buildings and equipment. Irb s require a governmental entityto act as the issuer of the bonds who will hold an. The ity of olathe may provide qualified businesses a tax abatement of up to 100 of the new real property taxes for up to 10 years by the issuance of industrial revenue bonds.

It particularly focuses on bond usage in the state s largest cities where bonds are categorized by purpose and by recipient to determine the pattern of economic development and the major beneficiaries. The issuance of irs also allows the ity to offer a sales tax exemption on the purchase of building materials in kansas. Industrial revenue bonds irb s are securities issued by cities counties and the kansas development finance authority kdfa. Industrial revenue bonds irbs are used in kansas to finance acquisition and construction of a broad variety of industrial commercial and industrial properties under k s a.

Did the city or county who issued the revenue bonds file an information statement at least seven days prior to issuance with the court of tax appeals and pay the filing fee 250. Irbs in kansas irbs are issued by cities counties and the kansas development finance authority. Industrial revenue bonds are a confusing economic development program. Kansas department of commerce rev.

Industrial revenue bond exemption checklist date.