KRS 106.050: Authority to borrow money and issue bonds.

For the purpose of defraying the cost of acquiring by condemnation, purchase or

construction any such waterworks, including real and personal property of same and

appurtenances or extensions thereto, the water district or the city may borrow money and

issue negotiable bonds, but only after a resolution has been adopted by the water district

commissioners or an ordinance has been adopted by the legislative body of the said city

specifying the proposed undertaking, the amount of bonds to be issued and the max imum

rate of interest the bonds are to bear.