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It shall be the duty of the board, as promptly as possible, to rehabilitate, reconstruct and modernize all portions of any transportation system acquired by the authority and to maintain at all times an adequate and modern transportation system suitable and adapted to the needs of the municipality served by the authority, and for safe, comfortable and convenient service. To that end, the board may disburse moneys from the operating expense account or from any other account designated for such use by the urban mass transportation authority regulations, for the purpose of making replacements of property damaged or destroyed. In addition, the board may establish a capital reserve fund out of which moneys for the purpose of acquiring or constructing extensions and improvements and betterment of the system shall be disbursed. The board may make temporary loans from the capital reserve fund for either use [as] initial working capital, or, in necessary cases where the depreciation fund is insufficient, to purchase and cancel its revenue bonds and certificates prior to their maturity at the price of not to exceed their par value, and to redeem and cancel its revenue bonds and certificates prior to their maturity at the price of not to exceed their par value, and to redeem and cancel its revenue bonds and certificates according to their terms. (Ord. 52 § 4, 2-21-81.)

State Law References: K.S.A. 12-2832.