58.440 Refinancing at higher rate than that of original issue.
162 words·~1 min read·
/ky/chapter-58/58-440A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If any public body shall determine:
(1)That financing of a public project may be accomplished to the best advantage in the
public interest only by combining the same with refinancing of previously issued
and outstanding public obligations at a rate or rates of interest higher than the rate or
rates otherwise applicable thereto;
(2)That refinancing of a public project at a higher interest rate or rates is necessary in
order to prevent or anticipate default in payment of interest or principal of public
obligations with regard thereto; or
(3)That any combination of the circumstances described in subsection
(1)or
(2)of this
section exists; then such refinancing is recognized to be lawful; provided, however, that prior to any such refinancing at a higher rate or rates of interest, the issuing public body shall make and spread at large upon its public records its determination that such action is necessary or desirable in the public interest, and its reasons therefor.