82.150 Terms of revenue bonds -- Form -- Sale.

424 words·~2 min read·/ky/chapter-82/82-150

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

(1)The principal of and the interest on the bonds shall be payable solely from the funds

provided for the payment. The bonds of any issue may be in one

(1)or more series

and any one

(1)or more series may enjoy equal or subordinate status with respect to

the pledge of funds from which they are payable, shall be dated, shall bear interest

at a rate or rates or method of determining rates, shall mature at a time or times not

exceeding forty

(40)years from their date or dates, all as may be provided by the

city, and may be made redeemable before maturity, at the option of the city, at a

price or prices and under the terms and conditions as may be fixed by the city prior

to the issuance of the bonds.

(2)The city shall determine the form of the bonds, including any interest coupons to be

attached to the bonds, and shall fix the denomination or denominations of the bonds

and the place or places for payment of principal and interest, which may be at any

bank or trust company within or without the Commonwealth. The bonds shall be

signed by the facsimile signature of the mayor and the seal of the city or a facsimile

of the seal shall be affixed and attested by the manual signature of the city clerk,

and any coupons attached shall bear the facsimile signature of the mayor and the

city clerk. In case any officer whose signature or a facsimile of whose signature

shall appear on any bonds or coupons shall cease to be an officer before the delivery

of the bonds, the signatures or the facsimile shall nevertheless be valid and

sufficient for all purposes the same as if he had remained in office until the delivery.

All bonds issued under the provisions of KRS 82.140 to 82.165 shall have and are

declared to have all the qualities and incidents of negotiable instruments under the

negotiable instruments law of the Commonwealth. The bonds may be issued in

coupon or in registered form, or both, as the city may determine, and provisions

may be made for the registration of any coupon bonds as to principal alone and also

as to both principal and interest, and for the reconversion into coupon bonds of any

bonds registered as to both principal and interest.

(3)The city may sell the bonds at a public sale in a manner as it may determine will

best effect the purposes of KRS 82.140 to 82.165.