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58.020 Power of governmental agency to acquire or develop public project and issue revenue bonds.

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58.020 Power of governmental agency to acquire or develop public project and issue revenue bonds. A governmental agency acting separately or jointly with one (1) or more of any such <br>agency, may acquire, construct, maintain, add to, and improve any public project as <br>defined in KRS 58.010, which public project may be located within or without or partly <br>within and partly without the territorial limits of such governmental agency or agencies, <br>and for the purpose of defraying the cost thereof may borrow money and issue negotiable <br>revenue bonds. Before any department or agency of the state government shall borrow <br>money and issue bonds under KRS 58.010 to 58.140, the head of the department or <br>agency shall file with the Secretary of State a written order, approved by the Governor, <br>the Attorney General and the secretary of the Finance and Administration Cabinet, setting <br>forth the proposed public project, the amount of the bonds to be issued, and the maximum <br>rate of interest the bonds are to bear. Any governmental agency other than agencies of the <br>state government may borrow money and issue revenue bonds under KRS 58.010 to <br>58.140 pursuant to an order, resolution, or ordinance of its legislative or administrative <br>body, which order, resolution, or ordinance shall set forth the proposed public project, the <br>amount of the revenue bonds to be issued, and the maximum rate of interest. In every <br>instance the order, resolution, or ordinance shall provide that the public project is being <br>undertaken under the provisions of KRS 58.010 to 58.140. History: Amended 1948 Ky. Acts ch. 226, sec. 1. -- Created 1946 Ky. Acts ch. 126, sec. 2.