66.091 Maturity period of bonds.

184 words·~1 min read·/ky/chapter-66/66-091

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

Bonds shall have a maximum maturity not exceeding forty

(40)years, except as follows:

(1)Bonds issued to fund a floating indebtedness, five

(5)years;

(2)Bonds issued to pay for the costs of a public project, the life or period of usefulness

of the public project as estimated by the user and if the bond issue includes more

than one

(1)public project, the average number of years of life or period of

usefulness of the public projects measured by the weighted average of the amounts

expended or proposed to be expended for the public projects; and

(3)If, after bonds are issued, the public project or any part of the project is revised in a

manner that would change the average number of years of life or the period of

usefulness of the public project to a period that is shorter than the period by which

the final maturity of the bonds was determined, the issuer shall nevertheless be in

compliance with the requirements of this section so long as the original estimate of

life or usefulness was made in good faith.