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224A.140 Refunding bonds.
(1)
(2)
The authority is hereby authorized to provide for the issuance of refunding
revenue bonds or notes for the purpose of refunding any revenue bonds or
notes then outstanding which shall have been issued under the provisions of
this chapter, including the payment of any redemption premium thereon and
any interest accrued or to accrue to the date of redemption of such revenue
bonds or notes. The issuance and sale of such refunding revenue bonds or
notes, the maturities and other details thereof, the rights of the holders thereof,
and the rights, duties, and obligations of the authority in respect of the same,
shall be governed by the provisions of this chapter which relate to the issuance
of revenue bonds or notes, insofar as such provisions may be applicable.
Refunding revenue bonds or notes may be sold or exchanged directly for
outstanding revenue bonds or notes of the authority, and if sold, the proceeds
thereof shall be applied, in addition to any other authorized purposes, to the
purchase, redemption, or payment of such outstanding revenue bonds or
notes. Pending the application of the proceeds of any such refunding revenue
bonds, with any other available funds, to the payment of the principal, accrued
interest, and any redemption premium on the revenue bonds or notes being
refunded (and if so provided or permitted in the authority resolution authorizing
the issuance of such refunding revenue bonds or notes, or in the trust
indenture securing the same, to the payment of any interest on such refunding
revenue bonds or notes and any expenses in connection with such refunding),
such proceeds may be invested in direct obligations of, or obligations the
principal of and interest on which are unconditionally guaranteed by the United
States of America which shall mature or which shall be subject to redemption
by the holders thereof at the option of such holders not later than the
respective dates when the proceeds, together with the interest accruing
thereon, will be required for the purposes intended.
Effective:July 13, 1990
History: Amended 1990 Ky. Acts ch. 477, sec. 7, effective July 13, 1990. -Created 1972 Ky. Acts ch. 329, sec. 14.
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