148.0224 Revenue bonds and revenue refunding bonds.

161 words·~1 min read·/ky/chapter-148/148-0224

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

(1)Revenue bonds and revenue refunding bonds of the authority issued under

KRS 148.0221 to 148.0225 do not constitute a debt of the Commonwealth or of

any political subdivision of the Commonwealth or a pledge of the faith and

credit of the Commonwealth or of any political subdivision, but the bonds shall

be payable solely from the funds provided for in KRS 148.0221 to 148.0225

from revenues resulting from the issuance of bonds.

(2)All bonds shall contain on the face of the bond a statement to the effect that

neither the Commonwealth nor any political subdivision of the Commonwealth

is obligated to pay the bond or the interest on the bond, except from revenues

of the recreational project or projects for which they are issued, and that neither

the faith or credit nor the taxing power of the Commonwealth or any political

subdivision of the Commonwealth is pledged to the payment of the principal or

the interest on the bonds.