Kentucky Statutes 66.091 – Maturity period of bonds
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Bonds shall have a maximum maturity not exceeding forty (40) years, except as follows: (1) Bonds issued to fund a floating indebtedness, five (5) years;
(2) Bonds issued to pay for the costs of a public project, the life or period of usefulness of the public project as estimated by the user and if the bond issue includes more than one (1) public project, the average number of years of life or period of usefulness of the public projects measured by the weighted average of the amounts expended or proposed to be expended for the public projects; and
(3) If, after bonds are issued, the public project or any part of the project is revised in a manner that would change the average number of years of life or the period of usefulness of the public project to a period that is shorter than the period by which the final maturity of the bonds was determined, the issuer shall nevertheless be in compliance with the requirements of this section so long as the original estimate of life or usefulness was made in good faith.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 280, sec. 9, effective July 15, 1996.
(2) Bonds issued to pay for the costs of a public project, the life or period of usefulness of the public project as estimated by the user and if the bond issue includes more than one (1) public project, the average number of years of life or period of usefulness of the public projects measured by the weighted average of the amounts expended or proposed to be expended for the public projects; and
Terms Used In Kentucky Statutes 66.091
- 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
- Floating indebtedness: means the amount by which the total of all expenditures by an issuer in any fiscal year exceeds the total of all funds and receipts of the issuer for that fiscal year which are available to the issuer for the purpose of funding those expenditures, but only to the extent that the governing body of the issuer made good-faith estimates of expenditures and funds and receipts available to fund those expenditures and the short-fall in available funds and receipts was due to unforeseeable circumstances or events. 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
(3) If, after bonds are issued, the public project or any part of the project is revised in a manner that would change the average number of years of life or the period of usefulness of the public project to a period that is shorter than the period by which the final maturity of the bonds was determined, the issuer shall nevertheless be in compliance with the requirements of this section so long as the original estimate of life or usefulness was made in good faith.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 280, sec. 9, effective July 15, 1996.