KRS 266.160: Board's power to borrow money and issue bonds.

For the purpose of establishing, constructing, reconstructing, repairing, enlarging, and

maintaining the levees the board may borrow money as is necessary, and issue, negotiate,

and sell its bonds in denominations of not less than one hundred dollars ($100 ) nor more

than one thousand dollars ($1,000) each, as the board prescribes. The bonds shall each be

signed by the president and countersigned by the secretary of the board, with the

corporate seal affixed. They shall be made negotiable or nonnegotiable, a t the discretion

of the board, and shall bear interest at a rate or rates or method of determining rates and

be payable annually, at a time and place as the board prescribes and contracts. The board

shall fix the place for the payment of principal and inte rest of the bonds. The bonds shall

be redeemable by the board at any time within twenty (20) years after the date of their

issue, or at a time within twenty (20) years as is stated in the bonds.