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98.130 Sale of bonds -- Disposition of proceeds.

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98.130 Sale of bonds -- Disposition of proceeds. If the voters of the city vote in favor of issuing the bonds, they shall, when issued, be <br>placed under the control of the commission, which shall determine when and at what <br>price and how they shall be sold. No bonds shall be sold for less than par, and any <br>premiums and accrued interest obtained from the bonds shall constitute a part of the <br>sinking fund for their ultimate retirement. As the bonds are sold, their proceeds shall go <br>to the credit of the commission in the same depositories that are selected for the deposit <br>of the funds of the sinking fund commissioners of the city, and upon the same agreement <br>as to interest, and shall be withdrawn only upon the checks of the secretary and treasurer <br>of the commission, countersigned by the chairman, accompanying a voucher approved by <br>the superintendent of construction or other employee designated by the commission for <br>that purpose. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3037e-10.