58.030 Interest rate and maturity of bonds -- Leasing of project -- Acceptance of

346 words·~2 min read·/ky/58-030

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

donations and government aid.

(1)The bonds may be issued to bear interest at the rate or rates or method of

determining rates, payable at least annually, and shall be executed in such manner,

and be payable at such times not exceeding forty

(40)years from date thereof and at

such place or places as the governmental agency determines.

(2)The bonds may provide that they or any of them may be called for redemption prior

to maturity, on any date not earlier than one

(1)year from the date of issuance of the

bonds, under conditions fixed by the governmental agency before issuing the bonds.

(3)Any governmental agency is authorized to rent or lease such public project or any

portion thereof to or contract concerning same with any persons, partnerships,

associations, or corporations either public or private, profit or nonprofit.

Notwithstanding any of the other provisions of KRS 58.010 to 58.140 or any other

laws, any such renting, leasing, or contracting may be accomplished without the

necessity of awarding such lease or contract by advertisement or competitive

bidding, provided the governmental agency so leasing such project or any portion

thereof or contracting concerning same first makes a legislative determination that it

is in the best interest of such governmental agency to enter into such lease or

contract without the necessity for such advertisement or competitive bidding; and

such lease may provide that the lessee therein is permitted or obligated to sublease

the project or any portion thereof for the purpose of accomplishing the creation,

improvement, revitalization, renewal or modernization of a central business or

shopping community.

(4)A governmental agency is empowered to accept donations or gifts to the public

project from any source and to accept appropriations and grants to the public project

from the federal government or its agencies and appropriations from the state or any

county, city, or other political subdivision and, at the option of the governmental

agency, to pledge such donations, gifts, or appropriations to the payment of revenue

bonds issued to finance the cost of a public project.