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183.650 Bonds negotiable and tax free -- Method of sale -- Payable solely
from revenues.
Bonds issued pursuant to KRS 183.630 to 183.740 shall be negotiable and shall not
be subject to taxation. If any officer whose signature or countersignature appears on
the bonds or coupons ceases to be such officer before delivery of the bonds, his
signature or countersignature shall nevertheless be valid and sufficient for all
purposes the same as if he had remained in office until delivery. The bonds may be
sold, at either a public or a private sale notwithstanding any other provisions of the
Kentucky Revised Statutes, and the bonds shall be exempt from the newspaper
advertisement and publications requirements for municipal bonds under KRS
424.360, with the sale to be held in such manner, upon such terms and for such
price as the governmental unit or the Finance and Administration Cabinet may
determine will best effect the purposes of this chapter. The bonds shall be payable
solely from the revenue derived from airport facilities or taxes levied for airport
development and shall not constitute an indebtedness of the governmental unit or
the Commonwealth within the meaning of the Constitution. It shall be plainly stated
on the face of each bond that it has been issued under the provisions of KRS
183.630 to 183.740 and that it does not constitute an indebtedness of the
governmental unit or the Commonwealth within the meaning of the Constitution.
Effective:July 15, 1980
History: Amended 1980 Ky. Acts ch. 375, sec. 1, effective July 15, 1980. -Amended 1960 Ky. Acts ch. 179, sec. 42, effective March 25, 1960. -- Created
1945 (1st Extra. Sess.) Ky. Acts ch. 3, sec. 4.
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