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66.091 Maturity period of bonds.

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Page 1 of 1 66.091 Maturity period of bonds. Bonds shall have a maximum maturity not exceeding forty (40) years, except as follows: <br>(1) Bonds issued to fund a floating indebtedness, five (5) years; <br>(2) Bonds issued to pay for the costs of a public project, the life or period of usefulness of the public project as estimated by the user and if the bond issue includes more <br>than one (1) public project, the average number of years of life or period of <br>usefulness of the public projects measured by the weighted average of the amounts <br>expended or proposed to be expended for the public projects; and (3) If, after bonds are issued, the public project or any part of the project is revised in a manner that would change the average number of years of life or the period of <br>usefulness of the public project to a period that is shorter than the period by which <br>the final maturity of the bonds was determined, the issuer shall nevertheless be in <br>compliance with the requirements of this section so long as the original estimate of <br>life or usefulness was made in good faith. Effective: July 15, 1996 <br>History: Created 1996 Ky. Acts ch. 280, sec. 9, effective July 15, 1996.