66.051 Purposes for issuance of bonds -- Principal amount maximum.
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66.051 Purposes for issuance of bonds -- Principal amount maximum.
(1) An issuer may issue bonds for the purpose of providing funds with which:
(a) To fund floating indebtedness; <br>(b) To fund the cost of providing a public service if the governing body
determines that an emergency exists and the public health or safety so <br>requires;
(c) To fund unfunded liabilities; <br>(d) To establish a reserve for past or future liabilities or casualties; or <br>(e) To pay one (1) or more final judgments rendered against the issuer, including
settlements of claims approved by a court.
(2) The principal amount of the bonds issued may not exceed the amount required for
subsections (1)(a) to (e) of this section, plus financing costs, permitted by this <br>chapter to be paid from the proceeds of bonds, plus, in the case of judgments, costs, <br>and expenses assessed or taxed against the issue and defense costs of the issuer.
Effective: July 15, 1996 <br>History: Created 1996 Ky. Acts ch. 280, sec. 5, effective July 15, 1996.
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