96.189 Acquisition of transportation system by city.

231 words·~1 min read·/ky/chapter-96/96-189

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

(1)Any city may, pursuant to an ordinance so providing, acquire any streetcar system

existing in the city, with all its appliances, or may establish and install a streetcar

system, and may operate within and not more than ten

(10)air miles beyond the

corporate limits of the city, improve and extend a system so acquired or installed

upon the terms and conditions as may be provided by ordinance and by the terms of

the contract by which the system is acquired or installed. Any city may acquire,

establish, and install a street omnibus or taxicab system, and operate it upon the

terms and conditions as are prescribed by ordinance.

(2)To provide for the financing of the streetcar system or street omnibus or taxicab

line, the city may issue bonds at not less than par and accrued interest, to bear

interest at a rate or rates or method of determining rates as the city determines,

payable at least annually, and to mature at any time not exceeding twenty

(20)years

after their date, and may provide for a sinking fund to meet the bonds at their

maturity. No bonds shall be issued except in compliance with the general law in

reference to the amount of indebtedness that may be incurred by the city, nor until

after a vote is taken as required by law to authorize the incurring of indebtedness.