66.061 Bonds for public projects -- Credit enhancement facilities agreements.
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/ky/chapter-66/66-061A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)An issuer may issue bonds for the purpose of paying all or any portion of the costs
of any public project that the issuer is authorized, alone or in cooperation with other
persons, to acquire, improve, or construct.
(2)Costs of public projects that may be financed with, and paid from the proceeds of
bonds include, without limitation as to other costs properly allocable to the public
project, the costs of acquiring, constructing, reconstructing, rehabilitating,
installing, remodeling, renovating, enlarging, equipping, furnishing, or otherwise
improving the public project; site clearance, site improvement, and site preparation;
acquisition of real or personal property; indemnity and surety bonds; premiums on
insurance, all related direct administrative expenses and allocable portions of direct
costs of the issuer; engineering, architectural, legal, and other consulting and
professional services; designs, plans, specifications, feasibility, or rate studies;
appraisals, surveys, and estimates of cost; interest or interest equivalent on the
bonds, whether capitalized or not; financing costs; title work and title commitment,
insurance and guaranties; amounts necessary to establish any debt service reserve or
other reserves as required by the proceedings for the bonds; audits; the
reimbursement of moneys advanced or applied by or borrowed from any person,
whether to or by the issuer or others, from whatever source provided, for the
payment of any item or items of cost of the public project; and all other expenses
necessary or incidental to planning or determining feasibility or practicability with
respect to the public project; or necessary or incidental to the acquisition,
construction, reconstruction, rehabilitation, installation, remodeling, or other
improvement of the public project; the financing of the public project; and the
placing of the public project in condition for use and operation; and all like or
related costs; including any one, part, or combination of, or the issuer's share of,
those costs and expenses.
(3)If, after the public project for which bonds were issued is available for use, the
issuer determines that proceeds of those bonds are not needed to pay costs relating
to that public project, those proceeds may be used to pay debt service on those
bonds or used to pay the costs of another public project.
(4)An issuer may enter into agreements obligating an issuer which relate to credit
enhancement facilities.