198A.160 Authorization for issuance of refunding obligations. - Kentucky Statutes

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198A.160 Authorization for issuance of refunding obligations. (1) The corporation is hereby authorized to provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which
shall have been issued under the provisions of this chapter, including the payment
of any redemption premium thereon and any interest accrued or to accrue to the date
of redemption of such obligations and, if deemed advisable by the corporation, for
any corporate purpose of the corporation. The issuance of such obligations, the
maturities and other details thereof, the rights of the holders thereof, and the rights,
duties and obligations of the corporation in respect of the same shall be governed by
the provisions of this chapter which relate to the issuance of obligations, insofar as
such provisions may be appropriate therefor. (2) Refunding obligations may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds thereof may be applied, in addition to
any other authorized purposes, to the purchase, redemption or payment of such
outstanding obligations. Pending the application of the proceeds of any such
refunding obligations, with any other available funds, to the payment of the
principal, accrued interest and any redemption premium on the obligations being
refunded, and, if so provided or permitted in the resolution authorizing the issuance
of such refunding obligations or in the trust agreement securing the same, to the
payment of any interest on such refunding obligations and any expenses in
connection with such refunding, such proceeds may be invested in direct obligations
of, or obligations the principal of and the interest on which are unconditionally
guaranteed by, the United States of America which shall mature or which shall be
subject to redemption by the holders thereof, at the option of such holders, not later
than the respective dates when the proceeds, together with the interest accruing
thereon, will be required for the purposes intended. History: Created 1972 Ky. Acts ch. 70, sec. 17.