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177.540 Refunding bonds -- Additional bonds.

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177.540 Refunding bonds -- Additional bonds. The department is hereby authorized to provide for the issuance of turnpike revenue <br>refunding bonds of the Commonwealth for the purpose of refunding any bonds then <br>outstanding which shall have been issued under the provisions of KRS 177.390 to <br>177.570, including the payment of any redemption premium thereon and any interest <br>accrued or to accrue to the date of redemption of such bonds, and, if department shall so <br>determine, for the additional purpose of constructing improvements, extensions, or <br>enlargements of the turnpike project or projects in connection with which the bonds to be <br>refunded shall have been issued. The department is further authorized to provide for the <br>issuance of its turnpike revenue bonds for the combined purpose of (a) refunding any <br>bonds then outstanding which shall have been issued under the provisions of KRS <br>177.390 to 177.570, including the payment of any redemption premium thereon and any <br>interest accrued or to accrue to the date of redemption of such bonds and (b) paying all or <br>any part of the cost of any additional turnpike project or projects. The issuance of such <br>bonds, the maturities and other details thereof, the rights of the holders thereof, and the <br>rights, duties and obligations of the department in respect of the same, shall be governed <br>by the provisions of KRS 177.390 to 177.570 insofar as the same may be applicable. History: Created 1950 Ky. Acts ch. 157, sec. 16.