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58.040 Bonds negotiable and tax-free -- Method of sale -- Payable solely from revenue.

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58.040 Bonds negotiable and tax-free -- Method of sale -- Payable solely from revenue. Bonds issued pursuant to KRS 58.010 to 58.140 shall be negotiable and shall not be <br>subject to taxation. If any officer whose signature or countersignature appears on the <br>bonds or coupons ceases to be an officer before delivery of the bonds, his signature or <br>countersignature shall nevertheless be valid and sufficient for all purposes the same as if <br>he had remained in office until delivery. The bonds shall be sold in a manner and upon <br>the terms as the governmental agency determines, or any contract for the acquisition of a <br>public project may provide that payment shall be made in bonds. The bonds shall be <br>payable solely from the revenue derived from the public project and shall not constitute <br>an indebtedness of the state, county, city, or political subdivision within the meaning of <br>the Constitution. It shall be plainly stated on the face of each bond that it has been issued <br>under the provisions of KRS 58.010 to 58.140 and that it does not constitute an <br>indebtedness of the governmental agency within the meaning of the Constitution. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 3, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 110, sec. 4; and ch. 154, sec. 3. -- Created 1946 Ky. Acts ch. 126, <br>sec. 4.