177.790 Bonds to mature in thirty years -- Other details to be established by the State Property and Buildings Commission. - Kentucky Statutes

Download pdf

Loading PDF...

177.790 Bonds to mature in thirty years -- Other details to be established by the State Property and Buildings Commission. If KRS 177.700 to 177.820 be approved by a majority of the votes cast thereon at said
election, the initial date of issue of the 1960 bonds shall be established by resolution of
the State Property and Buildings Commission prior to the first issuance and sale of any of
said bonds; and thereafter all of the 1960 bonds, whenever issued, shall be dated as of
said date, and shall mature as to principal on or prior to the thirtieth (30th) anniversary
thereof. The bonds shall be sold for not less than par or face amount and shall bear
interest at such rate or rates, but not to exceed the rate referred to in KRS 177.780, as said
commission may determine, and interest may be made payable semiannually. The bonds
may be issued at one time or from time to time as the State Property and Buildings
Commission may determine by its resolution or resolutions; and said commission shall in
its discretion determine all details thereof, including but not by way of limitation, their
denominations, whether the bonds shall be of term or serial maturities, and the amount
which shall mature on any serial maturity date; whether the bonds, or any of them, shall
be subject to redemption prior to stated maturities and upon what terms; place or places
of payment of principal and interest, which may be within the Commonwealth or outside
thereof; whether interest shall be evidenced by annexed coupons; whether the bonds shall
be registered or registrable as to principal or interest, or both, and any other details not
contrary to law or inconsistent with KRS 177.700 to 177.820 which in the discretion of
said commission may appear wise and expedient. Effective: June 16, 1960
History: Created 1960 Ky. Acts ch. 106, sec. 11, effective June 16, 1960.