98.120 Issuance of bonds -- Ordinance -- Submission to voters -- Resubmission.

250 words·~1 min read·/ky/chapter-98/98-120

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

(1)In order to provide money for the building and improvements, the legislative body

of the city may, at any time and as often as it deems necessary, adopt an ordinance

submitting to the voters of the city at any regular election the question whether

bonds of the city shall be issued for the purpose of carrying out the work. The

ordinance shall be filed with the county clerk not later than the second Tuesday in

August preceding the regular election. The ordinance shall provide the number, date

and maturity of the bonds, the rate of interest they shall bear and the total amount to

be then issued. The ordinance shall also contain the necessary details in reference to

the execution and delivery of the bonds, their denominations, coupons to be

annexed, tax to be levied to pay the interest, and a sinking fund to retire the bonds at

maturity.

(2)If any issue of bonds is voted on and not carried, or if any issue of bonds is voted on

favorably and the money is about to be fully expended, or in the opinion of the

legislative body will be expended, either before or within such time after an election

that the work of the commission may be suspended from lack of funds, the

legislative body of the city may pass as many ordinances and submit to a vote the

question of issuing bonds at as many other regular elections held in the city as it

may see fit.