Download as PDF
80.550 Issuance of bonds.
(1)
(2)
(3)
(4)
(5)
An authority shall have power to issue bonds from time to time in its discretion,
for any of its corporate purposes. An authority shall also have power to issue
refunding bonds for the purpose of paying or retiring bonds previously issued
by it.
An authority may issue such types of bonds as it may determine, including
(without limiting the generality of the foregoing) bonds on which the principal
and interest are payable:
(a) Exclusively from the income and revenues of the housing project financed
with the proceeds of such bonds;
(b) Exclusively from the income and revenues of certain designated housing
developments whether or not they are financed in whole or in part with the
proceeds of such bonds; or
(c) From its revenues generally.
Any such bonds may be additionally secured by a pledge of any grant or
contributions from the federal government or other source, or a pledge of any
income or revenues of the authority, or a mortgage of any housing project,
projects or other property of the authority.
In connection with the issuance of bonds or the incurring of obligations under
leases and in order to secure the payment of such bonds or obligations, a
housing authority (including any housing authority created pursuant to KRS
80.010 to 80.250), in addition to its other powers, shall have power to agree to
sell a project or projects, and to make and enter into such covenants and
conditions and to do any and all such acts and things as may be necessary or
desirable in order to secure its bonds, or, in the discretion of said authority, as
will tend to make the bonds more marketable.
In connection with the issuance of bonds or the incurring of other obligations, a
regional housing authority may covenant as to limitations on its right to adopt
resolutions relating to the increase or decrease of its area of operation.
Effective:July 13, 1984
History: Amended 1984 Ky. Acts ch. 361, sec. 35, effective July 13, 1984. -Created 1942 Ky. Acts ch. 70, sec. 25.
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.