Download as PDF
40.335 Revenue bonds -- Provisions -- Exempt from taxation -- Negotiability -Conditions in authorizing resolution -- Sale of bonds -- Prior consent not
required.
(1)
(2)
(3)
(4)
Revenue bonds issued under the provisions of KRS 40.330 and this section
shall state that they are issued pursuant to KRS 40.330 and this section and to
the provisions of KRS Chapters 56 and 58, as applicable. Revenue bonds
issued under the provisions of KRS 40.330 and this section and the interest
thereon shall be exempt from all taxation by the Commonwealth and its political
subdivisions. Revenue bonds issued under the provisions of KRS 40.330 and
this section shall have and are hereby declared to have all the incidents of
negotiable instruments.
The State Property and Buildings Commission, in each resolution authorizing
the issuance of revenue bonds under the provisions of KRS 40.330 and this
section, shall determine the following:
(a) The maturity date or dates of the revenue bonds;
(b) The manner in which interest shall be paid thereon;
(c) The terms of redemption applicable thereto; and
(d) Such other particulars of the revenue bonds not contrary to law or
inconsistent with KRS 40.330 and this section.
Notwithstanding the provisions of KRS Chapters 56 and 58, revenue bonds
issued under the provisions of KRS 40.330 and this section may be sold by the
State Property and Buildings Commission, and the interest rates to be borne by
such bonds shall be determined, in such manner as the State Property and
Buildings Commission shall decide, including, without limitation, sale by private
negotiation.
No consent of any department, division, commission, board, bureau, or agency
of the Commonwealth other than the proceedings, conditions and other things
which are specifically required by KRS 40.330 and this section and KRS
Chapters 56 and 58, shall be required for the issuance of revenue bonds under
the provisions of KRS 40.330 and this section.
Effective:July 14, 2000
History: Repealed, reenacted, and amended 2000 Ky. Acts ch. 147, sec. 8,
effective July 14, 2000. -- Created 1988 Ky. Acts ch. 437, Pt. X, sec. 2, effective
April 15, 1988.
Formerly codified as KRS 36.370.
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.