40.335 Revenue bonds -- Provisions -- Exempt from taxation -- Negotiability --

304 words·~1 min read·/ky/40-335

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

Conditions in authorizing resolution -- Sale of bonds -- Prior consent not

required.

(1)Revenue bonds issued under the provisions of KRS 40.330 and this section shall

state that they are issued pursuant to KRS 40.330 and this section and to the

provisions of KRS Chapters 56 and 58, as applicable. Revenue bonds issued under

the provisions of KRS 40.330 and this section and the interest thereon shall be

exempt from all taxation by the Commonwealth and its political subdivisions.

Revenue bonds issued under the provisions of KRS 40.330 and this section shall

have and are hereby declared to have all the incidents of negotiable instruments.

(2)The State Property and Buildings Commission, in each resolution authorizing the

issuance of revenue bonds under the provisions of KRS 40.330 and this section,

shall determine the following:

(a)The maturity date or dates of the revenue bonds;

(b)The manner in which interest shall be paid thereon;

(c)The terms of redemption applicable thereto; and

(d)Such other particulars of the revenue bonds not contrary to law or inconsistent

with KRS 40.330 and this section.

(3)Notwithstanding the provisions of KRS Chapters 56 and 58, revenue bonds issued

under the provisions of KRS 40.330 and this section may be sold by the State

Property and Buildings Commission, and the interest rates to be borne by such

bonds shall be determined, in such manner as the State Property and Buildings

Commission shall decide, including, without limitation, sale by private negotiation.

(4)No consent of any department, division, commission, board, bureau, or agency of

the Commonwealth other than the proceedings, conditions and other things which

are specifically required by KRS 40.330 and this section and KRS Chapters 56 and

58, shall be required for the issuance of revenue bonds under the provisions of KRS

40.330 and this section.