Form Pub. Ks-1560 - Kansas Business Taxes For Schools & Educational Institutions (Page 31 of 37) in pdf

ONLY COMPLETE THIS PAGE IF YOU ANSWERED YES TO LINE (E) ON PAGE 1.

This agreement is made and entered into between and by the__________________________________________________________

________________________________________________________ (name of political subdivision), hereinafter referred to as

Exempt Entity; and _________________________________________ (name of beneficiary of industrial revenue bond proceeds),

hereinafter referred to as Beneficiary.

It is hereby agreed by all parties to this agreement that the construction project for which the request for an exemption certificate is

being made would be exempt from sales tax solely due to the fact that it is being financed by industrial revenue bonds. It shall be the

duty of the Exempt Entity to notify the Kansas Department of Revenue when the industrial revenue bonds have actually been issued.

Whereas, the Kansas Department of Revenue deems it necessary to ensure that sales or compensating tax is paid should the project not

be financed by industrial revenue bonds, it is hereby further agreed by the Beneficiary that if the industrial revenue bonds have not

been issued by the time the project is completed then the Beneficiary will remit to the Kansas Department of Revenue the sales or

compensating tax and applicable interest on tax which is due based upon the cost of tangible personal property or services used or

consumed in the construction of the project. It is agreed that the Secretary of Revenue shall determine when the project has been

completed.

The Director of Policy and Research shall have the right to demand from the Beneficiary payment of the sales and compensating tax

and applicable interest due the state should the Kansas Department of Revenue not receive such payment within thirty (30) days after

the project has been completed.

Any and all notices required herein shall be mailed and addressed as follows:

A. Notices to the Department of Revenue shall be addressed to: Director of Policy and Research, Kansas Department of Revenue,

915 SW Harrison St., Room 230, Topeka, Kansas 66612-1588;

B. Notices to the Exempt Entity shall be addressed to: _____________________________________________________________

______________________________________________________________________________________________________

C. Notices to the Beneficiary shall be addressed to:________________________________________________________________

______________________________________________________________________________________________________

This agreement shall be binding upon all parties hereto and any and all their successors.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by persons authorized to do so lawfully and

with full corporate authority.

BENEFICIARY OF INDUSTRIAL REVENUE BOND

POLITICAL SUBDIVISION

PROCEEDS

_________________________________________________

________________________________________________

Authorized Signature

_________________________________________________

________________________________________________

Type or Print Name and Title

DATED:

PR-76 (Rev. 07/06)

Form Pub. Ks-1560 - Kansas Business Taxes For Schools & Educational Institutions Page 31