Kansas Attorney General Opinion 2017-5: A city may own shares in an LLC

Synopsis: A city may own shares in a limited liability company. Whether acquiring shares in a limited liability company violates the public purpose doctrine is a question of fact. The Interlocal Cooperation Act, K.S.A. 12-2901 et seq., provides a framework for arrangements wherein a city intends to reduce financial risk by co-owning property with a third party. Cited herein: K.S.A. 12-101; 12-2901; K.S.A. 2016 Supp. 12-2904; 17-7662; 17-7663.

(Read more: Kansas Attorney General Opinions)