Find Legal Information

97.160 Bonds to be negotiable and tax-exempt -- Sale -- Cities not to be obligated.

Download pdf

97.160 Bonds to be negotiable and tax-exempt -- Sale -- Cities not to be obligated. The bonds issued pursuant to KRS 97.150 shall be negotiable and shall not be subject to <br>taxation. If the officers whose signatures or countersignatures appear on the bonds or <br>coupons cease to be officers before delivery of the bonds, the signatures or <br>countersignatures shall nevertheless be valid. The bonds shall be sold in a manner and <br>upon the terms as the legislative body of the city deems for the best interests of the city, <br>or any contract for the acquisition of a project may provide that payment shall be made in <br>bonds. The bonds shall be payable solely from the revenue funds derived from the <br>operation of the project, and the bonds and other obligations incurred for the <br>establishment and maintenance of a recreational project shall not constitute an <br>indebtedness of the city within the meaning of the Constitution. It shall be plainly stated <br>on the face of each bond that it has been issued under the provisions of KRS 97.100 to <br>97.240 and does not constitute an indebtedness of the city within the meaning of the <br>Constitution. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 26, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 110, sec. 14. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective <br>October 1, 1942, from Ky. Stat. secs. 2741p-18, 2741p-26.