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66.121 Interest rates -- Issuance subject to call or redemption prior to maturity.

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Page 1 of 1 66.121 Interest rates -- Issuance subject to call or redemption prior to maturity. (1) Bonds issued by an issuer shall bear interest at a rate or rates as provided for in the legislation authorizing the bonds. Interest payable on the bonds may be determined <br>at a variable rate or rates, which may change from time to time in accordance with a <br>base, formula, or standard, including determination at whatever rate is required to <br>sell or remarket the bonds on the open market, or other floating rate interest <br>structure, identified or approved by the governing body. (2) An issuer may issue bonds subject to call or redemption prior to maturity at a redemption price as determined by the governing body. Effective: July 15, 1996 <br>History: Created 1996 Ky. Acts ch. 280, sec. 12, effective July 15, 1996.