Statutes > Kentucky Statutes > CHAPTER 162 SCHOOL PROPERTY AND BUILDINGS > 162.380 Bonds are obligations of governing body -- Resolution constitutes contract.

162.380 Bonds are obligations of governing body -- Resolution constitutes contract.

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162.380 Bonds are obligations of governing body -- Resolution constitutes contract. The bonds issued under authority of KRS 162.350 shall be obligations only of the <br>governing body of the institution, payable as to both principal and interest from the <br>revenues as pledged for that purpose. In no event shall they be considered a debt for <br>which the credit of the state is pledged. Any resolution adopted under the provisions of <br>KRS 162.350 or 162.360 shall constitute a contract between the governing body of the <br>institution and the holder of any bond or coupon and shall be binding in all respects upon <br>the governing body of the institution and its successors. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 579, effective July 13, 1990. -- Amended 1958 Ky. Acts ch. 147, sec. 4. -- Recodified 1942 Ky. Acts <br>ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4535m-13.