Kan. Admin. Regs. § 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.
Notes
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