65.692 Permitted purposes for bond issuance.

181 words·~1 min read·/ky/chapter-65/65-692

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

(1)Increment bonds may be issued to pay the costs of projects in the development area.

The provisions of KRS 66.021, 66.031, 66.041, 66.045, 66.071, 66.091, 66.121,

66.131, 66.141, 66.151, 66.171, 66.181, and 66.191 shall apply to the issuance of

increment bonds insofar as they do not conflict with KRS 65.680 to 65.699; if they

do conflict, KRS 65.680 to 65.699 shall apply.

(2)Debt payments on increment bonds may be paid from increments, from any other

funds of the issuer, or from funds identified in a grant contract, or any combination

thereof. If increment bonds are payable solely from increments, the issuer shall,

prior to the issuance of the increment bonds, make a determination that the

increments are adequate to make the debt payments so long as the increment bonds

are outstanding.

(3)Increment bonds may also be issued to fund or refund all or any portion of

outstanding increment bonds. Any increment bonds issued under this subsection

shall mature as determined by the governing body consistent with the definition of

termination date as contained in KRS 65.680 and 66.091.