Code · Kentucky · Chapter 181 — County and city bridges, tunnels, and ferries

181.710 Additional bonds may be issued -- Effect of surplus.

102 words·~1 min read·/ky/chapter-181/181-710

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

(1)If the proceeds of the bonds are less than the cost of the bridge, additional bonds

may be issued in the same manner to provide the amount of the deficit, and unless

otherwise provided in the trust indenture, shall be deemed to be of the same issue

and shall be entitled to payment from the same fund without preference or priority

of the bonds first issued for the same bridge.

(2)If the proceeds of the bonds exceed the cost of the bridge, the surplus shall be paid

into the fund for the payment of principal and interest of the bonds.