2014 Kentucky Revised Statutes
CHAPTER 58 - ACQUISITION AND DEVELOPMENT OF PUBLIC PROJECTS THROUGH REVENUE BONDS
58.030 Interest rate and maturity of bonds -- Leasing of project -- Acceptance of donations and government aid.
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<![CDATA[58.030 Interest rate and maturity of bonds -- Leasing of project -- Acceptance
of donations and government aid.
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The bonds may be issued to bear interest at the rate or rates or method of
determining rates, payable at least annually, and shall be executed in such
manner, and be payable at such times not exceeding forty (40) years from date
thereof and at such place or places as the governmental agency determines.
The bonds may provide that they or any of them may be called for redemption
prior to maturity, on any date not earlier than one (1) year from the date of
issuance of the bonds, under conditions fixed by the governmental agency
before issuing the bonds.
Any governmental agency is authorized to rent or lease such public project or
any portion thereof to or contract concerning same with any persons,
partnerships, associations, or corporations either public or private, profit or
nonprofit. Notwithstanding any of the other provisions of KRS 58.010 to 58.140
or any other laws, any such renting, leasing, or contracting may be
accomplished without the necessity of awarding such lease or contract by
advertisement or competitive bidding, provided the governmental agency so
leasing such project or any portion thereof or contracting concerning same first
makes a legislative determination that it is in the best interest of such
governmental agency to enter into such lease or contract without the necessity
for such advertisement or competitive bidding; and such lease may provide that
the lessee therein is permitted or obligated to sublease the project or any
portion thereof for the purpose of accomplishing the creation, improvement,
revitalization, renewal or modernization of a central business or shopping
community.
A governmental agency is empowered to accept donations or gifts to the public
project from any source and to accept appropriations and grants to the public
project from the federal government or its agencies and appropriations from the
state or any county, city, or other political subdivision and, at the option of the
governmental agency, to pledge such donations, gifts, or appropriations to the
payment of revenue bonds issued to finance the cost of a public project.
Effective:July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 2, effective July 15, 1996. -Amended 1968 Ky. Acts ch. 110, sec. 3; and ch. 154, sec. 2. -- Amended 1948
Ky. Acts ch. 226, sec. 1. -- Created 1946 Ky. Acts ch. 126, sec. 3.
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