247.180 Revenue bonds.
572 words·~3 min read·
/ky/chapter-247/247-180A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The State Fair Board is authorized and empowered to issue and sell negotiable
revenue bonds in denominations and in an amount or amounts as may be deemed by
the board to be for the best interest of the Commonwealth, for any of the following
purposes:
(a)To acquire real estate to be devoted to a revenue-producing use.
(b)To pay all or any part of the expense or cost of or incidental to a building
project.
(c)To defray the cost of plans, specifications, blue prints, architectural fees and
other expenses authorized to be incurred under the terms of KRS 247.130 and
247.140.
(2)Any revenue bonds so issued shall bear interest at a rate or rates or method of
determining rates, payable at least, as the State Fair Board determines and shall
become due and payable not more than forty
(40)years from the date of issuance.
The payment of the bonds, together with the interest thereon, may be secured by a
pledge and a first lien on all the receipts and revenue derived or to be derived, from
any physical property under the control of the board. Neither the payment of any
bond, nor the interest on the bond, issued under the authority of this section, shall
constitute an indebtedness of the Commonwealth of Kentucky or of the State Fair
Board, nor shall any bond or interest on the bond be payable out of any fund except
any funds as may be derived from rentals or other revenues derived from the
operation of the properties or from revenues as may have been, or may be, available
for a purpose or purposes, by law.
(3)All bonds which may be issued by the board under the provisions of this section
shall be sold to the highest bidder after having been advertised by publication
pursuant to KRS Chapter 424, and by other advertising as the board may prescribe
if it finds additional advertising is necessary.
(4)All competitive bids for the sale of the revenue bonds shall be opened and read
publicly by the board or its representative at a designated place, day, and hour, all of
which shall be announced in the advertising.
(5)Except as otherwise specifically provided in this section, the board is vested with all
of the rights, powers, and duties set forth and enumerated under KRS Chapter 58.
(6)In the event the board issues and sells revenue bonds for a building project as
authorized in KRS 247.140 and this section, it may carry insurance, including fire
and windstorm, casualty, catastrophe, use and occupancy, and other insurance as the
board may deem advisable in connection with the building project, and may
obligate and bind itself in a trust indenture securing the payment of bonds. Any
insurance shall be paid for out of the funds available for the project.
(7)All money from the sale of revenue bonds shall be paid to the State Treasurer and
shall be held by him as a special trust fund to be designated as directed by the board,
and no part shall be withdrawn from the State Treasury except for the purposes
authorized by this section, together with the cost incidental to the issuing and selling
of the bonds and other directly related expenses. The board may likewise provide in any trust indenture securing revenue bonds for additional terms and conditions, or for other restrictions not in conflict with this section.