162.600 Bonds to issue in name of authority -- Identification -- Investment

324 words·~1 min read·/ky/162-600

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

designation.

(1)Bonds of the authority shall be issued in the name of the authority, shall be

designated "school building revenue bonds," or, if appropriate, "school building

revenue refunding bonds," and shall additionally be identified by the name of the

board of education executing the lease. If the authority shall issue more than one

series of bonds for the same lessee from time to time, each series, including the first

or subsequent to the first, shall additionally be identified distinctly by alphabetical

or chronological designation, by date of the bonds, or otherwise as the authority

may determine.

(2)For the purposes of determining any limit prescribed by any law for investment of

any public funds, or funds of banks, trust companies, insurance companies, building

and loan associations, credit unions, pension and retirement funds, and fiduciaries,

in obligations of a single obligor, bonds issued by the authority pursuant to KRS

162.520 to 162.620 shall not be deemed to be bonds or obligations of the same

obligor except to the aggregate of all series of bonds involving leases of a single

board of education.

(3)Bonds issued by the authority under the provisions of KRS 162.520 to 162.620 are

hereby made securities in which all public officers and public bodies of the

Commonwealth and its political subdivisions, all insurance companies, trust

companies, banking associations, investment companies, executors, trustees, and

other fiduciaries, and all other persons whatsoever who are now or may hereafter be

authorized to invest in bonds or other obligations of a similar nature may properly

and legally invest funds, including capital in their control or belonging to them.

Such bonds are hereby made securities which may properly and legally be deposited

with and received by any state or municipal officer or any agency or political

subdivision of the Commonwealth for any purpose for which the deposit of bonds

or other obligations of the Commonwealth is now or may hereafter be authorized by

law.