216.120 Negotiability of bonds -- Tax exemption -- Signatures -- How sold -- Not a city debt. - Kentucky Statutes

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216.120 Negotiability of bonds -- Tax exemption -- Signatures -- How sold -- Not a city debt. All bonds issued under KRS 216.100 to 216.220 shall be negotiable and shall not be
subject to taxation. If any officer whose signature appears on the bonds or coupons ceases
to be an officer before delivery of the bonds, the signature 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 the terms as the legislative body of the city
deems for the best interest of the city, or any contract for the purchase or acquisition of
any municipal hospital may provide that payment of the bonds shall be made in bonds.
The bonds shall be payable solely from the revenue derived from the operation of the
hospital as provided in KRS 216.160, 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 was issued under the provisions of KRS 216.100 to 216.220 and 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. 51, effective July 15, 1996. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 3235i-5.