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96.390 Bonds negotiable and tax-free -- Method of sale -- Payable solely from revenues.

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96.390 Bonds negotiable and tax-free -- Method of sale -- Payable solely from revenues. Bonds issued pursuant to KRS 96.370 shall be negotiable and shall not be subject to <br>taxation. If any officer whose signature or countersignature appears on the bonds or <br>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 city legislative body deems for the best interest of the city, or any contract <br>for the purchase or acquisition of any waterworks may provide that payment shall be <br>made in bonds. The bonds shall be payable solely from the revenue funds derived from <br>the waterworks as provided in KRS 96.430 and shall not constitute an indebtedness of the <br>city within the meaning of the Constitution. It shall be plainly stated on the face of each <br>bond that it has been issued under the provisions of KRS 96.350 to 96.510 and that it <br>does not constitute an indebtedness of the city within the meaning of the Constitution. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 22, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 110, sec. 12. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective <br>October 1, 1942, from Ky. Stat. secs. 2641l-5, 2741l-27.