106.260 Form of bonds -- Improvement or refunding bonds -- Negotiability --
324 words·~1 min read·
/ky/106-260A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Procedure for sale.
(1)Bonds issued pursuant to this chapter by water district commissioners and by a
legislative body of a municipality may be issued in one
(1)or more series, may bear
a date or dates, may mature at a time or times, not exceeding forty
(40)years from
their respective dates, may be in a denomination or denominations, may be in a
form, either coupon or registered, may carry registration and conversion privileges,
may be executed in a manner, may be payable in a medium of payment, at a place or
places, may be sold or hypothecated in blocks, and may be subject to the terms of
repurchase or redemption of all or any of the bonds before maturity in a manner,
and at a price or prices as may be fixed by the board prior to the sale of the bonds.
(2)The board at any time may issue and sell revenue bonds to finance improvement or
issue and sell refunding bonds for the purpose of providing funds for the payment of
any outstanding bonds issued in accordance with the provisions of this chapter. The
new bonds shall be issued, sold, and secured in accordance with the provisions of
this chapter for the issuance of the original revenue bonds.
(3)All revenue bonds issued pursuant to the provisions of this chapter in the hands of
bona fide holders, shall have all the qualities and incidents of negotiable
instruments under the law merchant. All bonds shall be sold to the highest
responsible bidder at a time and place as shall have been fixed by the board in the
notice of the sale of the bonds, which notice shall have been advertised by
publication pursuant to KRS Chapter 424. The board shall receive written, sealed
competitive bids, which shall be publicly opened and read at the time and place
specified in the notice of sale. The board may reject all bids and readvertise.