There Is a Newer Version of the Kentucky Revised Statutes
  1. 2025 Kentucky Rev. Stat.
  2. 2024 Kentucky Rev. Stat.
  3. 2023 Kentucky Rev. Stat.
  4. 2014 Kentucky Rev. Stat. (here)
  5. View All Versions
View Our Newest Version Here

2014 Kentucky Revised Statutes
CHAPTER 58 - ACQUISITION AND DEVELOPMENT OF PUBLIC PROJECTS THROUGH REVENUE BONDS
58.040 Bonds negotiable and tax-free -- Method of sale -- Payable solely from revenue.


Download as PDF
58.040 Bonds negotiable and tax-free -- Method of sale -- Payable solely from revenue. Bonds issued pursuant to KRS 58.010 to 58.140 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 an 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 shall be sold in a manner and upon the terms as the governmental agency determines, or any contract for the acquisition of a public project may provide that payment shall be made in bonds. The bonds shall be payable solely from the revenue derived from the public project and shall not constitute an indebtedness of the state, county, city, or political subdivision 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 58.010 to 58.140 and that it does not constitute an indebtedness of the governmental agency within the meaning of the Constitution. Effective:July 15, 1996 History: Amended 1996 Ky. Acts ch. 274, sec. 3, effective July 15, 1996. -Amended 1968 Ky. Acts ch. 110, sec. 4; and ch. 154, sec. 3. -- Created 1946 Ky. Acts ch. 126, sec. 4.
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.