184.370 Bonds not a debt of the state.
130 words·~1 min read·
/ky/chapter-184/184-370A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Bonds issued by a district do not constitute a debt, or a pledge of the faith and
credit, of the state or of any political subdivision of the state. Bond service charges
on outstanding bonds are payable solely from the pledged revenues pledged for their
payment as authorized by KRS 184.350 to 184.395 and as provided in the bond
proceedings. All bonds shall contain on their face a statement to that effect.
(2)All expenses incurred in carrying out KRS 184.350 to 184.395 shall be payable
solely from revenues provided under KRS 184.350 to 184.395. KRS 184.350 to
184.395 does not authorize the board of trustees of a district to incur indebtedness
or liability on behalf of or payable by the state or any political subdivision of the
state.