183.650 Bonds negotiable and tax free -- Method of sale -- Payable solely from revenues. - Kentucky Statutes

Download pdf

Loading PDF...

183.650 Bonds negotiable and tax free -- Method of sale -- Payable solely from revenues. Bonds issued pursuant to KRS 183.630 to 183.740 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 such 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 may be sold, at either a public or a
private sale notwithstanding any other provisions of the Kentucky Revised Statutes, and
the bonds shall be exempt from the newspaper advertisement and publications
requirements for municipal bonds under KRS 424.360, with the sale to be held in such
manner, upon such terms and for such price as the governmental unit or the Finance and
Administration Cabinet may determine will best effect the purposes of this chapter. The
bonds shall be payable solely from the revenue derived from airport facilities or taxes
levied for airport development and shall not constitute an indebtedness of the
governmental unit or the Commonwealth 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 183.630 to 183.740 and that it does not constitute an indebtedness of the
governmental unit or the Commonwealth within the meaning of the Constitution. Effective: July 15, 1980
History: Amended 1980 Ky. Acts ch. 375, sec. 1, effective July 15, 1980. -- Amended 1960 Ky. Acts ch. 179, sec. 42, effective March 25, 1960. -- Created 1945 (1st Extra.
Sess.) Ky. Acts ch. 3, sec. 4.