97.160 Bonds to be negotiable and tax-exempt -- Sale -- Cities not to be obligated. - Kentucky Statutes

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97.160 Bonds to be negotiable and tax-exempt -- Sale -- Cities not to be obligated. The bonds issued pursuant to KRS 97.150 shall be negotiable and shall not be subject to
taxation. If the officers whose signatures or countersignatures appear on the bonds or
coupons cease to be officers before delivery of the bonds, the signatures or
countersignatures shall nevertheless be valid. The bonds shall be sold in a manner and
upon the terms as the legislative body of the city deems for the best interests of the city,
or any contract for the acquisition of a project may provide that payment shall be made in
bonds. The bonds shall be payable solely from the revenue funds derived from the
operation of the project, and the bonds and other obligations incurred for the
establishment and maintenance of a recreational project shall not constitute an
indebtedness of the city 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 97.100 to
97.240 and does not constitute an indebtedness of the city within the meaning of the
Constitution. Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 26, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 110, sec. 14. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. secs. 2741p-18, 2741p-26.