2014 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM 61.390 Facsimile signatures and seals on certain public securities -- Options.
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61.390 Facsimile signatures and seals on certain public securities -- Options.
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Any bonds heretofore or hereafter authorized to be issued by the state, any
county, municipality, taxing or school district, including any corporation acting
as an agency or instrumentality of such unit, whether created by statute, or
organized under the provisions of the nonprofit corporation laws, under the
provisions of any law heretofore or hereafter enacted and any interest coupons
attached thereto may, if so authorized by the governing body of such unit, bear
or be executed with the facsimile signature of any official authorized by such
law to sign or to execute such bonds or coupons. In case any such law shall
provide for the sealing of such bonds with the official or corporate seal of such
unit or of its governing body or any official thereof, a facsimile of such seal may
be imprinted on the bonds if so authorized by the governing body of such unit,
and it shall not be necessary in such case to impress such seal physically upon
such bonds.
In case any such law shall provide that bonds issued thereunder shall be
negotiable, such bonds shall be offered for sale as negotiable bonds, payable
to bearer, with or without attached coupons for the payment of interest and with
or without privilege of registration as to principal only, or registration as to both
principal and interest, as the governing body of the issuing unit may determine;
but such governing body may nevertheless additionally provide, in its
discretion, that any purchaser of all or any of such bonds shall have a right and
privilege to designate, subject to such conditions and restrictions as the
governing body may prescribe, that such bonds, or any of them, be issued in
the first instance in fully registered nonnegotiable form, or in one (1) or more
denominations of such purchaser's own choosing, or both, whether in
negotiable or nonnegotiable form, with or without attached coupons, with or
without registration provision, and with or without rights of conversion or
reconversion from one (1) form and denomination to another, at the option of
the holder or holders from time to time.
In case any officer whose signature or a facsimile of whose signature shall
appear on any bonds or coupons shall cease to be such officer before the
delivery of such bonds, such signature or such facsimile shall nevertheless be
valid and sufficient for all purposes the same as if he had remained in office
until such delivery, and any bond may bear the facsimile signature of, or may
be signed by, such persons as at the actual time of the execution of such bond
shall be the proper officers to sign such bond although at the date of such bond
such persons may not have been such officers.
The words "public securities" as used herein shall mean bonds, notes or other
obligations for the payment of money issued by this state, by its political
subdivisions, or by any department, agency or other instrumentality of this state
or of any of its political subdivisions.
This section shall not repeal any other law authorizing the execution of public
securities with facsimile signatures or seals.
Effective:July 15, 1986
History: Amended 1986 Ky. Acts ch. 258, sec. 2, effective July 15, 1986. -Amended 1962 Ky. Acts ch. 46, sec. 1. -- Amended 1960 Ky. Acts ch. 187,
sec. 1. -- Created 1954 Ky. Acts ch. 58, secs. 1, 2, and 3.
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