2014 Kentucky Revised Statutes CHAPTER 177 - STATE AND FEDERAL HIGHWAYS -- LIMITED ACCESS FACILITIES -- TURNPIKES -- ROAD BONDS -- BILLBOARDS -- RECYCLERS 177.700 Efforts to sell authorized and unissued bonds under existing restrictions to be continued -- If effort unsuccessful, proposal to remove interest rate limit to be submitted to voters at an election.
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177.700 Efforts to sell authorized and unissued bonds under existing
restrictions to be continued -- If effort unsuccessful, proposal to remove
interest rate limit to be submitted to voters at an election.
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The State Property and Buildings Commission (hereinafter sometimes referred
to as the "commission") is enjoined to continue its best efforts to sell and issue
the heretofore unissued thirty million dollars ($30,000,000) of the
Commonwealth's general obligation bonds, as provided in KRS 177.580 to
177.630, which was approved by the voters at the election held on November
6, 1956 (such bonds, for convenience, being sometimes hereinafter referred to
as the "unissued 1956 bonds"; and the aforesaid issue of which the same
constitute a part being sometimes hereinafter referred to as the "1956 bonds").
In doing so, the commission shall in all respects observe the restrictive
conditions presently applicable to said unissued 1956 bonds, in that any sale or
sales shall be for not less than par or face amount with accrued interest to
delivery, and at a rate or rates of interest not exceeding, as to any bond, three
percent (3%) per annum, payable semiannually, and all of such bonds shall be
caused to mature as to principal within thirty (30) years from January 1, 1957.
Unless said unissued 1956 bonds are successfully sold by the commission on
or prior to August 31, 1960, a proposal as set forth in KRS 177.700 to 177.820
shall be submitted to the qualified voters of the Commonwealth at the regular
election scheduled by law to be held on November 8, 1960, seeking the voters'
authorization and approval of removing, as to said unissued 1956 bonds, the
three percent (3%) interest rate limitation presently applicable thereto.
Inasmuch as said unissued 1956 bonds have been taken into account in
determining the amount of money otherwise necessary to be provided through
issuance of additional bonds as hereinafter set forth, such proposal that the
voters remove said existing interest rate limitation as to the unissued 1956
bonds shall appear on the ballots at the election to be held on November 8,
1960, as a part of the ballot question submitting for authorization and approval
KRS 177.700 to 177.820 as a whole and the proposed issuance of an
additional one hundred million dollars ($100,000,000) of general obligation
bonds of the Commonwealth for state parks, and for highways, bridges and
tunnels, as hereinafter provided. In such event the form of the question which
shall be caused to appear upon the ballots at the election on November 8,
1960, shall be as set forth in KRS 177.740.
In the event the said unissued 1956 bonds are successfully sold by the
commission on or prior to August 31, 1960, according to the presently existing
interest rate limitation, the commission shall, not later than September 1, 1960,
so notify the Secretary of State of the Commonwealth; and inasmuch as there
will then no longer be any occasion to seek authorization of the voters for
removal of said interest rate limitation, the question to appear upon the ballots
submitting KRS 177.700 to 177.820 for authorization and approval of the voters
at the election on November 8, 1960, shall be as provided in KRS 177.750.
Based upon representations made by the commission as set forth in this
section the Secretary of State shall, after September 1, 1960, determine
whether the form of question to be used in submitting KRS 177.700 to 177.820
to the voters for authorization and approval at the election on November 8,
1960, shall be as set forth in KRS 177.740, or as set forth in KRS 177.750, and
shall certify the applicable form of ballot question to the respective county
clerks at the same time that candidates for public office are provided to be
certified pursuant to KRS 118.225; and when each county clerk causes the
ballots to be printed according to KRS 117.145 the form of question so certified
by the Secretary of State shall be caused to appear thereon with appropriate
spaces for the voters to designate "Yes" or "No".
Effective:July 15, 1980
History: Amended 1980 Ky. Acts ch. 188, sec. 134, effective July 15, 1980. -Amended 1978 Ky. Acts ch. 384, sec. 301, effective June 17, 1978. -- Created
1960 Ky. Acts ch. 106, sec. 1, effective June 16, 1960.
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