103.280 Additional bonds -- Issuance of new bonds by city or county to pay

203 words·~1 min read·/ky/103-280

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

outstanding bonds, whether or not city or county was original issuer of bonds.

(1)If the city legislative body, or the fiscal court of the county, as the case may be,

finds that the bonds authorized will be insufficient to accomplish the purpose

desired, additional bonds may be authorized and issued in the same manner.

(2)Any city or county acquiring any industrial building pursuant to the provisions of

KRS 103.200 to 103.280 may, at the time of issuing the bonds for such acquisition,

provide for additional bonds for extensions and permanent improvements to be

placed in escrow and to be negotiated from time to time as proceeds for that

purpose may be necessary. Bonds placed in escrow shall, when negotiated, have

equal standing with the bonds of the same issue.

(3)A city or county may issue new bonds to provide funds for the payment of any

outstanding bonds which have or have not matured, in accordance with the

procedure prescribed by KRS 103.200 to 103.280, whether or not that city or county

was the original issuer of said bonds. The new bonds shall be secured to the same

extent and shall have the same source of payment as the bonds refunded.