2014 Kentucky Revised Statutes
CHAPTER 76 - CITY-COUNTY METROPOLITAN SEWER, SEWER CONSTRUCTION, AND SANITATION DISTRICTS
76.150 District revenue bonds.
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<![CDATA[76.150 District revenue bonds.
(1)
(2)
(3)
(4)
Subsections (2) through (4) have no application to construction subdistrict
bonds or obligations. All references to revenues, rates, rentals, charges, or
collections in subsections (2) and (3) exclude those derived from or made on
account of construction subdistricts. District facilities referred to in subsections
(2) and (3) exclude construction subdistrict facilities.
The district may, from time to time, issue its negotiable interest-bearing
revenue bonds for any of its corporate purposes, and it may also, from time to
time, issue its negotiable interest-bearing revenue bonds to refund any of its
bonds at maturity or pursuant to redemption provisions, or at any time before
maturity with the consent of the holders. All the bonds, including interest, are
payable solely from and secured only by revenues of the district realized
through the collection of rates, rentals, or other charges, imposed for use of the
facilities of the district. The bonds shall be authorized by resolution of the board
and shall bear the dates, mature at the times not exceeding forty (40) years
from their respective dates, bear interest at the rate or rates or method of
determining rates, payable at least annually, be in the denominations and form,
either coupon or registered, carry the registration privileges, be executed in the
manner, be payable in the medium of payment at the place, and be subject to
the terms of redemption, with or without premium, as the resolutions provide;
except that before the issuance of bonds for any project within the corporate
limits of any city forming a district pursuant to KRS 76.010, the issuance of
bonds shall first be authorized by ordinance passed by the legislative body of
the city and approved by the mayor of the city. The bonds shall be sold at
public sale for the price as the board determines.
Any resolution authorizing any bonds may contain provisions, which shall be a
part of the contract with the holders of the bonds, as to:
(a) Pledging all or any part of the gross or net revenues of the district to
secure the payment of the bonds and interest on the bonds;
(b) The amounts to be raised in each year by rates, rentals, and charges,
and their use and disposition, and of any other revenues of the district;
(c) The setting aside of reserves or sinking funds and their regulation and
disposition;
(d) Limitations on the right of the district to restrict and regulate the use of its
facilities;
(e) Limitations on the purposes to which the proceeds of sale of any issue of
bonds to be issued may be applied;
(f) Limitations on the issuance of additional bonds; and
(g) The procedure, if any, by which the term of any contract with bondholders
may be amended or abrogated, the amount of bonds the holders of which
must consent, and the manner in which the consent may be given.
The bonds or other obligations of the district shall not constitute an obligation
or indebtedness of the city or of the county and it shall be plainly stated on the
face of each bond of the district that it has been issued under the provisions of
KRS 76.010 to 76.210, and that it does not constitute an indebtedness of the
city or of the county. All bonds authorized may be issued without a vote of the
voters and without any other proceedings or happenings of any other
conditions or things than those proceedings, conditions and things which are
specified and required by KRS 76.010 to 76.210. The bonds shall be signed in
the name of the district by the chairman or vice chairman of the board, attested
by the signature of the secretary-treasurer, with corporate seal of the district
attached.
Effective:January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 50, effective January 1, 2015. -Amended 1996 Ky. Acts ch. 274, sec. 10, effective July 15, 1996. -- Amended
1968 Ky. Acts ch. 152, sec. 54. -- Amended 1964 Ky. Acts ch. 33, sec. 7. -Created 1946 Ky. Acts ch. 104, sec. 13.
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