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173.080 Issuance of library bonds.

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173.080 Issuance of library bonds. The board of trustees may, in its discretion, issue bonds in the sum of not over one <br>million dollars (&#36;1,000,000) for the purpose of making improvements or repairs, or <br>paying off any indebtedness it may owe. The bonds may be secured by any or all real or <br>personal property owned by the library. The bonds shall be designated as &quot;library bonds&quot; <br>and the board of trustees shall, by resolution, fix the date and maturity of the bonds, the <br>rate of interest and form they shall bear, and where they shall be payable. The board shall <br>determine when, at what price and how the bonds shall be sold. As the bonds are sold <br>their proceeds shall be placed in some bank, but shall be kept in a separate account and <br>shall be used only for the purpose for which the bonds were issued, provided however the <br>expense and cost of floating the bonds may be paid therefrom. The rent received in any <br>year from any real property belonging to the board of trustees shall be first applied to the <br>payment of interest on bonds for such year, and next to the sinking fund requirements of <br>the bond issue for such year, and the balance may be used for current operating expenses <br>of the board of trustees. History: Amended 1946 Ky. Acts ch. 197, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2801b-9.