58.040 Bonds negotiable and tax-free -- Method of sale -- Payable solely from revenue. - Kentucky Statutes

Download pdf

Loading PDF...

58.040 Bonds negotiable and tax-free -- Method of sale -- Payable solely from revenue. Bonds issued pursuant to KRS 58.010 to 58.140 shall be negotiable and shall not be
subject to taxation. If any officer whose signature or countersignature appears on the
bonds or coupons ceases to be an officer before delivery of the bonds, his signature or
countersignature shall nevertheless be valid and sufficient for all purposes the same as if
he had remained in office until delivery. The bonds shall be sold in a manner and upon
the terms as the governmental agency determines, or any contract for the acquisition of a
public project may provide that payment shall be made in bonds. The bonds shall be
payable solely from the revenue derived from the public project and shall not constitute
an indebtedness of the state, county, city, or political subdivision within the meaning of
the Constitution. It shall be plainly stated on the face of each bond that it has been issued
under the provisions of KRS 58.010 to 58.140 and that it does not constitute an
indebtedness of the governmental agency within the meaning of the Constitution. Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 3, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 110, sec. 4; and ch. 154, sec. 3. -- Created 1946 Ky. Acts ch. 126,
sec. 4.