Statutes > Kentucky Statutes > CHAPTER 106 ACQUISITION OF WATERWORKS BY CITIES AND WATER DISTRICTS > 106.050 Authority to borrow money and issue bonds.

106.050 Authority to borrow money and issue bonds.

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106.050 Authority to borrow money and issue bonds. For the purpose of defraying the cost of acquiring by condemnation, purchase or <br>construction any such waterworks, including real and personal property of same and <br>appurtenances or extensions thereto, the water district or the city may borrow money and <br>issue negotiable bonds, but only after a resolution has been adopted by the water district <br>commissioners or an ordinance has been adopted by the legislative body of the said city <br>specifying the proposed undertaking, the amount of bonds to be issued and the maximum <br>rate of interest the bonds are to bear. Effective: June 17, 1954 <br>History: Created 1954 Ky. Acts ch. 18, sec. 5, effective June 17, 1954.