106.070 Bonds negotiable -- Sale -- Nonliability of city. - Kentucky Statutes

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106.070 Bonds negotiable -- Sale -- Nonliability of city. Bonds issued pursuant to this chapter 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
terms as the water district commissioners or the city legislative body deems for the best
interest of the water district or city, or any contract for the purchase or acquisition of any
waterworks may provide that payment shall be made in bonds. The bonds shall be
payable solely from the revenue funds derived from the waterworks and 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 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. 30, effective July 15, 1996. -- Created 1954 Ky. Acts ch. 18, sec. 7, effective June 17, 1954.