KRS 67.550: General obligation bonds, deed of trust authorized -- Effect -- Intent.

(1) Notwithstanding any of the other provisions of KRS 67.450 to 67.550, the county

buildings commission may, by declaring its desire to do so, provide, in addition to

all of the other provisions authorized in KRS 67.450 to 67.550 in connection with

the issuance of its bonds, that such bonds shall be its general obligations and may,

in connection with the issuance of its bonds, execute a mortgage deed of trust in

favor of a trustee, providing that in the event of default by the commission in the

payment of interest or principal of its bonds or in the event of default of any other

covenant contained in such mortgage deed of trust the trustee, upon behalf of the

bondholders, may institute and carry through foreclosure proceedings, with the

property secured by the mortgage deed of trust put up for sale on foreclosure

proceedings, the proceeds of such sale to be used for the benefit of the bondholders.

In connection with such plan of financing, such provisions may be inserted in the

bonds themselves and in the mortga ge deed of trust as may be necessary to protect

the bondholders and in order to make such bonds salable with the lowest net interest

cost to the commission. If the county buildings commission declares its intent by

resolution to follow the provisions of th is section, and in order to do so it is

necessarily inconsistent that the provisions of any other section of KRS 67.450 to

67.550 be complied with, such other provisions of KRS 67.450 to 67.550 which are

necessarily inconsistent with the provisions of this section shall not be complied

with to the extent but only to the extent of such necessary inconsistency. If general

obligations of the county buildings commission are issued pursuant to the

provisions of this section, such obligations shall be general obl igations only of the

county buildings commission as a public corporation and shall not be general

obligations of the individual members of such county buildings commission to any

extent.

(2) It is the intent of this section to permit the county buildings commission, if it desires

to do so, to issue obligations under this section which may also be secured in the

same way that obligations issued under the provisions of other sections of KRS

67.450 to 67.550 are secured, to the full extent that this may be done consistent with

the provisions of this section.