148.038 Revenue bonds.

161 words·~1 min read·/ky/chapter-148/148-038

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

148.033 to 148.039 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 148.033 to 148.039 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.