103.230 Bonds negotiable -- Disposal -- Private sale, when -- Payable only from

309 words·~1 min read·/ky/103-230

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

revenue.

(1)Notwithstanding the form or tenor, and in the absence of an express recital on the

face thereof that the bond is nonnegotiable, all bonds issued pursuant to KRS

103.200 to 103.285 shall at all times be and shall be treated as, and have all the

qualities and incidents of negotiable instruments for all purposes. If any officer

whose signature or counter signature appears on the bonds or coupons ceases to be

such officer before delivery of the bonds, his signature or countersignature shall

nevertheless be valid and sufficient for all purposes the same as if he had remained

in office until delivery. The bonds shall be sold upon such terms as the city

legislative body or the fiscal court of the county, as the case may be, deems best, or

any contract for the acquisition of any industrial building may provide that payment

shall be made in such bonds. The issuing authority may sell such bonds in such

manner, either at public or private sale, and for such price, as it may determine will

best effect the purposes of KRS 103.230 to 103.260; provided, however, that no

private or negotiated sale shall be made unless the corporation which is contracting

to lease the industrial building shall have requested in writing, addressed to the

chief executive of the issuing authority, that the sale of the bonds shall be made

privately upon a negotiated basis.

(2)The bonds shall be payable solely from the revenue derived from the building, and

shall not constitute an indebtedness of the city or county within the meaning of the

Constitution. It shall be plainly stated on the face of each bond that it has been

issued under the provisions of KRS 103.200 to 103.280 and that it does not

constitute an indebtedness of the city or county within the meaning of the

Constitution.