82.155 Use of revenue bond proceeds -- Temporary bonds.

330 words·~2 min read·/ky/chapter-82/82-155

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

(1)The proceeds of the bonds of each issue shall be used solely for the payment of the

cost of the lands or property to be used as the site of the governmental project or

projects for which such bonds shall have been issued, the cost of such

improvements thereto as may have been agreed upon, and the cost of the issue, and

shall be disbursed in such manner and under such restrictions, if any, as the city may

provide in the proceedings authorizing the issuance of such bonds or in the trust

indenture securing the same. If the proceeds of the bonds of any issue, by error of

estimates or otherwise, shall be less than such costs additional bonds may in like

manner be issued to provide the amount of such deficit, and, unless otherwise

provided in the proceedings authorizing the issuance of such bonds or in the trust

indenture securing the same, shall be deemed to be of the same issue and shall be

entitled to payment from the same fund without preference or priority of the bonds

first issued. If the proceeds of the bonds of any issue shall exceed such costs, the

surplus shall be deposited to the credit of the sinking fund or funds for such bonds

or any account or accounts therein as the city shall have provided in the proceedings

or trust indenture authorizing and securing such bonds.

(2)Prior to the preparation of definitive bonds, the city may, under like restrictions,

issue interim receipts or temporary bonds, with or without coupons, exchangeable

for definitive bonds when such bonds shall have been executed and are available for

delivery. The city may also provide for the replacement of any bonds which shall

become mutilated or shall be destroyed or lost. Bonds may be issued under the

provisions of KRS 82.140 to 82.165 without any other proceedings or the

happening of any other conditions or things, except as specifically required by KRS

82.140 to 82.165.