65.209 Issuance of bonds or notes to finance energy projects -- Security -- Lien.
223 words·~1 min read·
/ky/chapter-65/65-209A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A local government may issue bonds or notes to finance energy projects through
assessments imposed pursuant to KRS 65.205 to 65.209.
(2)Bonds or notes issued under this section shall not be general obligations of the local
government. The bonds or notes shall be secured solely by one
(1)or more of the
following, as provided by the governing body of the local government in the
resolution or ordinance approving the issuance of the bonds or notes:
(a)Payments of assessments on relevant real properties in one
(1)or more
specified energy project assessment districts;
(b)Reserves established by the local government from grants, bonds, or other
available funds;
(c)Municipal bond insurance, lines of credit, public or private guaranties, standby
bond purchase agreements, collateral assignments, mortgages, or other
available means of providing credit support or liquidity; and
(d)Any other funds available for the purposes of KRS 65.205 to 65.209.
(3)A local government pledge of assessments, funds, or contractual rights in
connection with the issuance of bonds or notes by the local government under this
section constitutes a first lien on the assessments, funds, or contractual rights
pledged in favor of the person to whom the pledge is given, without further action
by the local government. The lien is valid and binding against any other person,
with or without notice.