KRS 98.130: Sale of bonds -- Disposition of proceeds.

If the voters of the city vote in favor of issuing the bonds, they shall, when issued, be

placed under the control of the commission, which shall determine when and at what

price and how they shall be sold. No bonds shall be sold for less than par, and any

premiums and accrued interest obtained from the bonds shall constitute a part of the

sinking fund for their ultimate retirement. As the bonds are sold, their proceeds shall go

to the credit of the commission in the same depositories that are selected for the deposit

of the funds of the sinking fund commissioners of the city, and upon the same agreement

as to interest, and shall be withdrawn only upon the checks of the secretary and treasurer

of the commission, countersigned by the chairman, accompanying a voucher approved by

the superintendent of construction or other employee designated by the commission for

that purpose.