There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 66 ISSUANCE OF BONDS AND CONTROL OF FUNDS
66.021 Bonds as negotiable instruments -- Presumption of validity.
Download pdfthe initial delivery of the bonds, the bonds and the proceedings relating to them are
incontestable and the bonds shall be conclusively considered to be and to have been
issued, secured, entered into, payable, sold, executed, and delivered, and the
proceedings relating to them taken, in conformity with all legal requirements, if all
of the following apply:
(a) They state that they are issued or entered into under or pursuant to authorizing provisions of law and comply on their face with those provisions; (b) They are issued or entered into for a public purpose, as stated in the bonds or the legislation authorizing their issuance, and within any limitations
prescribed by law; (c) Their purchase price, if any, has been paid in full; and
(d) The transcript of the proceedings contains a statement by the officer having charge of the applicable records, or by the chief executive officer of the issuer,
that all the proceedings were held in compliance with law, which statement
creates a conclusive presumption that the proceedings were held in
compliance with all laws, including, as applicable, KRS 61.800 . Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 280, sec. 2, effective July 15, 1996.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.