Find Legal Information

216.120 Negotiability of bonds -- Tax exemption -- Signatures -- How sold -- Not a city debt.

Download pdf

216.120 Negotiability of bonds -- Tax exemption -- Signatures -- How sold -- Not a city debt. All bonds issued under KRS 216.100 to 216.220 shall be negotiable and shall not be <br>subject to taxation. If any officer whose signature appears on the bonds or coupons ceases <br>to be an officer before delivery of the bonds, the signature shall nevertheless be valid and <br>sufficient for all purposes the same as if he had remained in office until delivery. The <br>bonds shall be sold in a manner and upon the terms as the legislative body of the city <br>deems for the best interest of the city, or any contract for the purchase or acquisition of <br>any municipal hospital may provide that payment of the bonds shall be made in bonds. <br>The bonds shall be payable solely from the revenue derived from the operation of the <br>hospital as provided in KRS 216.160, and shall not constitute an indebtedness of the city <br>within the meaning of the constitution. It shall be plainly stated on the face of each bond <br>that it was issued under the provisions of KRS 216.100 to 216.220 and does not <br>constitute an indebtedness of the city within the meaning of the Constitution. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 51, effective July 15, 1996. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. <br>sec. 3235i-5.