162.190 Bonds negotiable -- Tax-exempt -- Signatures -- Not city debt. - Kentucky Statutes

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162.190 Bonds negotiable -- Tax-exempt -- Signatures -- Not city debt. All bonds issued under the provisions of KRS 162.170 shall have all of the qualities of
negotiable instruments, and shall not be subject to taxation. If any of the officers whose
signatures appear on the bonds or coupons cease to be such officers before delivery of the
bonds, the signatures shall nevertheless be valid for all purposes the same as if the
officers had remained in office until delivery. The bonds shall be payable solely from the
revenue derived from the school building as provided in KRS 162.230, and shall not
constitute an indebtedness of the city within the meaning of the constitutional provisions
or limitations. It shall be plainly stated on the face of each bond that it was issued under
the provisions of KRS 162.150 to 162.280 and that it does not constitute an indebtedness
of the city. Effective: July 13, 1990
History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 561, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942,
from Ky. Stat. sec. 4421-8.