There is a newer version of this Section
2022
2021
2020
2019
2018
Other previous versions
View our newest version here

2017 Kentucky Revised Statutes
CHAPTER 66 - ISSUANCE OF BONDS AND CONTROL OF FUNDS
.071 Capitalized interest in bonds -- Financing costs.

Universal Citation: KY Rev Stat § 66.071 (2017)
Previous Next

Download as PDF
66.071 Capitalized interest in bonds -- Financing costs. (1) (2) (3) Capitalized interest may be included in the principal amount of bonds to pay the interest that the issuer estimates will become due and payable on the bonds prior to the receipt of sufficient taxes, special assessments, or other revenues or receipts from which the interest is generally to be paid. Capitalized interest shall be deposited, as determined by the issuer, in the sinking fund or in a separate account in the special project or construction fund, and applied to interest on those bonds. The amount of capitalized interest may not exceed an amount estimated by the issuer to be interest that will accrue on the bonds prior to the date that is twelve (12) months after the date the public project is anticipated to be available for use. The amount of capitalized interest authorized by this section to be included in the principal amount of an issue of bonds shall be reduced by the amount of any capitalized interest included in any prior issue of bonds or obligations that is to be or was retired by the issuance of the bonds or prior bonds. Financing costs may be paid unless otherwise provided in the proceedings, from the proceeds of the bonds to which they relate and, as to future financing costs, from the same sources from which debt charges on the bonds are paid and as though debt charges. Effective: July 15, 1996 History: Created 1996 Ky. Acts ch. 280, sec. 7, effective July 15, 1996.
Previous Next
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.