(1) An issuer may issue bonds for the purpose of paying all or any portion of the costs of any public project that the issuer is authorized, alone or in cooperation with other persons, to acquire, improve, or construct.
(2) Costs of public projects that may be financed with, and paid from the proceeds of bonds include, without limitation as to other costs properly allocable to the public project, the costs of acquiring, constructing, reconstructing, rehabilitating, installing, remodeling, renovating, enlarging, equipping, furnishing, or otherwise improving the public project; site clearance, site improvement, and site preparation; acquisition of real or personal property; indemnity and surety bonds; premiums on insurance, all related direct administrative expenses and allocable portions of direct costs of the issuer; engineering, architectural, legal, and other consulting and professional services; designs, plans, specifications, feasibility, or rate studies; appraisals, surveys, and estimates of cost; interest or interest equivalent on the bonds, whether capitalized or not; financing costs; title work and title commitment, insurance and guaranties; amounts necessary to establish any debt service reserve or other reserves as required by the proceedings for the bonds; audits; the reimbursement of moneys advanced or applied by or borrowed from any person, whether to or by the issuer or others, from whatever source provided, for the payment of any item or items of cost of the public project; and all other expenses necessary or incidental to planning or determining feasibility or practicability with respect to the public project; or necessary or incidental to the acquisition, construction, reconstruction, rehabilitation, installation, remodeling, or other improvement of the public project; the financing of the public project; and the placing of the public project in condition for use and operation; and all like or related costs; including any one, part, or combination of, or the issuer’s share of, those costs and expenses.

Terms Used In Kentucky Statutes 66.061

  • Bonds: means bonds, notes, commercial paper, and other instruments in writing, authorized by or issued pursuant to or in accordance with this chapter, to evidence an obligation to repay or guarantee the repayment of money borrowed, or to pay interest by, or to pay at any future time other money obligations. See Kentucky Statutes 66.011
  • Credit enhancement facilities: means letters of credit. See Kentucky Statutes 66.011
  • Financing costs: means all costs and expenses relating to the issuance and carrying costs of bonds including charges related to credit enhancement facilities which are not debt charges. See Kentucky Statutes 66.011
  • interest equivalent: means those payments or portions of payments, however denominated, that constitute or represent consideration for forbearing the collection of money, or for deferring the receipt or payment of money to a future time. See Kentucky Statutes 66.011
  • Issuer: means a county, city, urban-county, charter county, or other taxing district, and for purposes of making any determinations required under this chapter, may include an authorized representative of the issuer. See Kentucky Statutes 66.011
  • Personal property: All property that is not real property.

(3) If, after the public project for which bonds were issued is available for use, the issuer determines that proceeds of those bonds are not needed to pay costs relating to that public project, those proceeds may be used to pay debt service on those bonds or used to pay the costs of another public project.
(4) An issuer may enter into agreements obligating an issuer which relate to credit enhancement facilities.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 280, sec. 6, effective July 15, 1996.