96.390 Bonds negotiable and tax-free -- Method of sale -- Payable solely from
197 words·~1 min read·
/ky/96-390A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
revenues. Bonds issued pursuant to KRS 96.370 shall be negotiable and shall not be subject to taxation. If any officer whose signature or countersignature appears on the bonds or coupons ceases to be an officer before delivery of the bonds, his signature or countersignature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery. The bonds shall be sold in a manner and upon the terms as the city or urban-county government legislative body deems for the best interest of the city or urban-county government, or any contract for the purchase or acquisition of any waterworks may provide that payment shall be made in bonds.
The bonds shall be payable solely from the revenue funds derived from the waterworks as provided in KRS 96.430 and shall not constitute an indebtedness of the city or urban- county government within the meaning of the Constitution. It shall be plainly stated on the face of each bond that it has been issued under the provisions of KRS 96.350 to 96.510 and that it does not constitute an indebtedness of the city or urban-county government within the meaning of the Constitution.