A charter ordinance exempting the City of Iola, Kansas from the provisions of K.S.A. 3-1440 relating to disposition of proceeds from the sale of airport property or any part thereof and providing substitute and additional provisions on the same subject.

Section 1. - [City exempted from K.S.A. 3-1440.]

The City of Iola, Kansas, under the authority of Article XII, Section 5 of the Constitution of the State of Kansas hereby elects to exempt itself from and to make inapplicable to it K.S.A. 3-1440 which applies to said City but the provisions of which do not apply uniformly to all cities and to provide substitute and additional provisions on the same subject.

Section 2. - [Use of proceeds from sale of airport property.]

The proceeds from any sale of airport property or any part thereof shall be deposited in a special fund to be known as “Industrial Progress Fund” to be created within the general fund of the City of Iola. Monies to be credited to said fund may come from: sale of surplus land at the airport, or any part thereof not needed for said purpose: sale of any industrial property purchased with this fund or any other source which the governing body shall deem appropriate. Appropriations from this fund shall be limited to purchase of land for industrial promotional purposes or for extending utilities to and other improving industrial property make it more attractive for industries. Any portion of said “Industrial Progress Fund” not currently needed may be invested in direct obligations of the United States maturing or redeemable at par and accrued interest within three years from date of purchase, the principal and interest thereof is guaranteed by the government of the United States.

(4-11-67)