Topeka ? State officials may be dusting off a two-year old law passed to provide $500 million in bonds to the Boeing Co., and instead authorize that the bonds be used for Boeing’s buyer, Onex Corp.

“I expect a part or all of those bonds will be exercised,” Rep. Kenny Wilk, R-Lansing, a leading lawmaker on economic-development issues, said.

Onex, a Canadian-based investment group that announced last month it was purchasing Boeing’s commercial aircraft operations, refused to comment. Boeing has been the state’s largest private employer and a mainstay of its economy.

“Onex is aware that that offer exists — the offer meaning the bonds — but we have no further comment about it,” Dan Wilinsky, a company spokesman said.

Lt. Gov. John Moore said no application had been made for the bonds, but said Onex probably considered the availability of the bonds when it decided to buy Boeing.

“The $500 million was considered a valuable part of the asset,” Moore said.

Onex agreed to buy Boeing’s commercial aircraft facilities in Wichita, Tulsa, Okla., and McAlester, Okla., for $900 million in cash and the assumption of $300 million in liabilities.

The companies said they expected to close the deal, subject to federal approval, within the next few months.

Boeing employees were in the Capitol on Friday lobbying lawmakers on issues related to the sale of the company.

“We fully expect Onex-Boeing to come back and try to grab it,” said Hoyt Hillman, council representative and council treasurer of the Society of Professional Engineering Employees in Aerospace.

With state help in the form of bonds should come promises from Onex to maintain employee and retiree benefits, he said.

“We’re looking for legislative oversight of the process,” he said.

Boeing is Kansas’ largest private employer with 7,200 people working at the Wichita commercial plant, plus 5,000 at the company’s defense plant, which was not involved in the sale.

In 2003, the Legislature approved and Gov. Kathleen Sebelius signed into law a bill that would permit the state to issue up to $500 million in bonds on Boeing’s behalf.

Under the legislation, the company would promise to provide up to 4,000 new jobs and pay off the bonds through sales tax revenues from jetliner sales and income withholding taxes collected from the paychecks of workers on the new projects.

Lawmakers approved the measure to help shore up the aircraft industry, which was hit hard after the Sept. 11, 2001, terrorist attacks. Some 15,000 aircraft jobs were lost in Wichita.

But Boeing has yet to apply for the bonds. The deadline is July 1.

Though the Legislature approved authorizing the bonds to revitalize Boeing, it wasn’t specific to the company, Wilk said.

“It was always meant to help the industry,” he said.