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80.230 Issuance of bonds by city authorities.
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Cities of all classes may provide funds for carrying out the purposes of this
chapter by the issuance of revenue bonds pursuant to a resolution of the
housing authority. The bonds or other obligations of a housing authority shall
not constitute an obligation of the city. The bonds shall be payable only out of
the properties, revenues, and assets of the housing authority. Nothing
contained in this section shall authorize or permit any city to incur any
indebtedness of any kind or nature prohibited by the Constitution. Subject to
the restrictions set forth in this chapter, a city housing authority may incur any
indebtedness and issue any obligations and give any security which it deems
necessary or advisable in connection with any project undertaken by it. A city
housing authority may issue its bonds to provide for the payment of its
indebtedness from time to time in amounts, with maturities, upon the terms and
conditions and upon the security as the authority deems necessary or
advisable in connection with any project undertaken or to be undertaken by it.
The bonds shall be signed by the chairman of the authority or other agent
designated by the authority and by the mayor or by the presiding officer of the
legislative body of the city under the city's seal, attested by a finance officer of
the city.
A city housing authority may in connection with the borrowing of funds or
otherwise enter into agreements with the federal government providing for
supervision and control of the housing authority or any project and containing
other covenants, terms, and conditions as the housing authority deems
advisable. In connection with any loan by a government, a city housing
authority is authorized to agree to limitations upon the exercise of any of its
powers.
Bonds issued pursuant to this section shall have, in the hands of a bona fide
holder, all of the qualities of negotiable instruments. They shall be exempt from
taxation by the state and its political subdivisions. It shall be plainly stated on
the face of each bond that it has been issued under the provisions of this
chapter and that it does not constitute an indebtedness of the city within the
meaning of any constitutional provisions or limitations. In case any provisions
are made for the redemption or prepayment of any bonds before maturity, the
provisions shall require that the bonds to be redeemed or prepaid shall be
selected by lot from the whole number of the issue then outstanding. The
bonds may be issued without any other proceedings or conditions than those
proceedings and conditions specified and required by this chapter or by the
Constitution.
Effective:July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 15, effective July 15, 1996. -Amended 1986 Ky. Acts ch. 23, sec. 3, effective July 15, 1986. -- Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 2741x-10.
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