98.120 Issuance of bonds -- Ordinance -- Submission to voters -- Resubmission. - Kentucky Statutes

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98.120 Issuance of bonds -- Ordinance -- Submission to voters -- Resubmission. (1) In order to provide money for the building and improvements, the legislative body of the city may, at any time and as often as it deems necessary, adopt an ordinance
submitting to the voters of the city at any regular election the question whether
bonds of the city shall be issued for the purpose of carrying out the work. The
ordinance shall be filed with the county clerk not later than the second Tuesday in
August preceding the regular election. The ordinance shall provide the number, date
and maturity of the bonds, the rate of interest they shall bear and the total amount to
be then issued. The ordinance shall also contain the necessary details in reference to
the execution and delivery of the bonds, their denominations, coupons to be
annexed, tax to be levied to pay the interest, and a sinking fund to retire the bonds at
maturity. (2) If any issue of bonds is voted on and not carried, or if any issue of bonds is voted on favorably and the money is about to be fully expended, or in the opinion of the
legislative body will be expended, either before or within such time after an election
that the work of the commission may be suspended from lack of funds, the
legislative body of the city may pass as many ordinances and submit to a vote the
question of issuing bonds at as many other regular elections held in the city as it
may see fit. Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 195, sec. 50, effective July 15, 1996. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
secs. 3037e-9, 3037e-12.