KRS 162.090: Issuance and sale of bonds -- Proceeds -- Tax to pay.

(1) If two-thirds (2/3) of those voting on the question vote in favor of the proposition,

the bonds shall be issued. The bonds shall be designated "school improvement

bonds." They shall be placed under the control of the board of education, and the

board shall determine when, at what price and how the bonds shall be sold, the date,

number of bonds, denomination, whether coupon or registered, the rate of interest,

the frequency and place of payment of principal and interest, and other details as

desired, embodied in the bonds or in the request providing for their issue. The board

shall at once adopt a resolution in conformity therewith. The bonds shall be signed

by the chairman and secretary of the board of education. As the bonds are sold, their

proceeds shall b e placed to the credit of the board of education in a depository

designated by the board of education, and shall be kept in a separate account. The

depository shall be required to execute proper bond covering the funds.

(2) The board of education of the di strict shall, in addition to the levy made for the

maintenance of schools, levy annually a tax sufficient to raise a sum for the payment

of the interest and to create a sinking fund for the payment of the bonds at maturity.

The bonds shall be a charge upon the school district.