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106.070 Bonds negotiable -- Sale -- Nonliability of city.

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106.070 Bonds negotiable -- Sale -- Nonliability of city. Bonds issued pursuant to this chapter 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>terms as the water district commissioners or the city legislative body deems for the best <br>interest of the water district or city, or any contract for the purchase or acquisition of any <br>waterworks may provide that payment shall be made in bonds. The bonds shall be <br>payable solely from the revenue funds derived from the waterworks and shall not <br>constitute an indebtedness of the city within the meaning of the Constitution. It shall be <br>plainly stated on the face of each bond that it does not constitute an indebtedness of the <br>city within the meaning of the Constitution. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 30, effective July 15, 1996. -- Created 1954 Ky. Acts ch. 18, sec. 7, effective June 17, 1954.