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162.190 Bonds negotiable -- Tax-exempt -- Signatures -- Not city debt.

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162.190 Bonds negotiable -- Tax-exempt -- Signatures -- Not city debt. All bonds issued under the provisions of KRS 162.170 shall have all of the qualities of <br>negotiable instruments, and shall not be subject to taxation. If any of the officers whose <br>signatures appear on the bonds or coupons cease to be such officers before delivery of the <br>bonds, the signatures shall nevertheless be valid for all purposes the same as if the <br>officers had remained in office until delivery. The bonds shall be payable solely from the <br>revenue derived from the school building as provided in KRS 162.230, and shall not <br>constitute an indebtedness of the city within the meaning of the constitutional provisions <br>or limitations. It shall be plainly stated on the face of each bond that it was issued under <br>the provisions of KRS 162.150 to 162.280 and that it does not constitute an indebtedness <br>of the city. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 561, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, <br>from Ky. Stat. sec. 4421-8.