KRS 96.537: City operated natural gas distribution system -- Bonds -- Negotiated sale.

The legislative body of any city operating a municipal system for the acquisition and

distribution of natural gas may, by ordinance, authorize the issuance of revenue bonds to

pay all or any part of the costs of any project for the improvement or extension of the

system, or for obtaining new sources of supply. The revenue bonds may be sold and

issued in the manner provided for the sale and issuance of revenue bonds under the

provisions of KRS 58.010 to 58.140, 58.150, 58.155, and 58.180, including by negoti ated

sale, or, upon a determination of a legislative body, acting upon the advice of the city

attorney or city solicitor, that the proposed bonds will be industrial development bonds

within the meaning of federal statutes, the revenue bonds, whether or not exempt from

federal income taxation, may be sold in any manner provided for the sale of industrial

building revenue bonds under the terms of KRS 103.200 to 103.285, inclusive; provided,

however, that the contract with the private corporation which is deemed to give rise to the

federal classification of industrial development bonds need not take the form of a lease

agreement, and no request in writing from any contracting private corporation shall be

required for any negotiated sale, and provided, further, that in the event of a negotiated

sale, a report of negotiations shall be made to a consultant who shall be employed by the

city to make a recommendation to the legislative body on the adequacy of such

negotiations and of the terms of sale in the light of market conditions. The provisions of

KRS 424.360 shall not apply to any negotiated sale under this section.