58.040 Bonds negotiable and tax-free -- Method of sale -- Payable solely from

189 words·~1 min read·/ky/58-040

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

revenue.

(1)Bonds issued pursuant to KRS 58.010 to 58.140 shall be negotiable and shall not be

subject to taxation.

(2)If any officer whose signature or countersignature appears on the bonds or coupons

ceases to be an officer before delivery of the bonds, the officer's signature or

countersignature shall be valid and sufficient for all purposes as if the officer had

remained in office until delivery.

(3)The bonds shall be sold in a manner and upon the terms as the governmental agency

determines and as provided in KRS 424.360. Any contract for the acquisition of a

public project may provide that payment shall be made in bonds.

(4)The bonds shall be payable solely from the revenue derived from the public project

and shall not constitute an indebtedness of the state, county, city, or political

subdivision within the meaning of the Constitution.

(5)It shall be plainly stated on the face of each bond that the bond has been issued

under the provisions of KRS 58.010 to 58.140 and that the bond does not constitute

an indebtedness of the governmental agency within the meaning of the Constitution.