Kentucky Statutes 58.040 – Bonds negotiable and tax-free — Method of sale — Payable solely from revenue
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(1) Bonds issued pursuant to KRS § 58.010 to KRS § 58.140 shall be negotiable and shall not be subject to taxation.
(2) If any officer whose signature or countersignature appears on the bonds or coupons ceases to be an officer before delivery of the bonds, the officer’s signature or countersignature shall be valid and sufficient for all purposes as if the officer had remained in office until delivery.
(3) The bonds shall be sold in a manner and upon the terms as the governmental agency determines and as provided in KRS § 424.360. Any contract for the acquisition of a public project may provide that payment shall be made in bonds.
(4) The bonds shall be payable solely from the revenue derived from the public project and shall not constitute an indebtedness of the state, county, city, or political subdivision within the meaning of the Constitution.
(5) It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of KRS § 58.010 to KRS § 58.140 and that the bond does not constitute an indebtedness of the governmental agency within the meaning of the Constitution.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 35, sec. 3, effective June 27, 2019. — Amended
1996 Ky. Acts ch. 274, sec. 3, effective July 15, 1996. — Amended 1968 Ky. Acts ch.
110, sec. 4; and ch. 154, sec. 3. — Created 1946 Ky. Acts ch. 126, sec. 4.
(2) If any officer whose signature or countersignature appears on the bonds or coupons ceases to be an officer before delivery of the bonds, the officer’s signature or countersignature shall be valid and sufficient for all purposes as if the officer had remained in office until delivery.
Terms Used In Kentucky Statutes 58.040
- City: includes town. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(3) The bonds shall be sold in a manner and upon the terms as the governmental agency determines and as provided in KRS § 424.360. Any contract for the acquisition of a public project may provide that payment shall be made in bonds.
(4) The bonds shall be payable solely from the revenue derived from the public project and shall not constitute an indebtedness of the state, county, city, or political subdivision within the meaning of the Constitution.
(5) It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of KRS § 58.010 to KRS § 58.140 and that the bond does not constitute an indebtedness of the governmental agency within the meaning of the Constitution.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 35, sec. 3, effective June 27, 2019. — Amended
1996 Ky. Acts ch. 274, sec. 3, effective July 15, 1996. — Amended 1968 Ky. Acts ch.
110, sec. 4; and ch. 154, sec. 3. — Created 1946 Ky. Acts ch. 126, sec. 4.