{"data":{"id":"us-ky/krs-103.210","jurisdiction":"us-ky","citation":"KRS 103.210","heading":"Issuance of bonds.","body":"(1) In order to promote the economic development of the Commonwealth, to relieve\nconditions of unemployment, to encourage the increase of industry in this state, and\nto aid in the retention of existing industry through improved energy efficiency in\nmanufacturing facilities, or through conversion of energy facilities to more readily\navailable fuels, any city or county may borrow money and issue negotiable bonds\nfor the purpose of defraying the cost of acquiring any industrial building or\npollution control facili ty, either by purchase or construction, but only after an\nordinance or resolution has been adopted by the legislative body of the city or the\nfiscal court of the county, or by the Kentucky Economic Development Finance\nAuthority, if requested by the legisla tive body of the city or the fiscal court of the\ncounty, as the case may be, specifying the proposed undertaking, the maximum\namount of bonds to be outstanding at any one (1) time, and the maximum rate of\ninterest the bonds are to bear. This section shall not be deemed to require, however,\nthat such ordinance or resolution be adopted prior to interim financing of the\nproject, if such interim financing was undertaken by the proposed lessee corporation\nupon the basis of discussions between the corporation and  responsible officials of\nthe issuer which were later formally ratified by the appropriate governing body of\nthe issuer.\n(2) The ordinance or resolution shall further provide that the industrial building or the\npollution control facility is to be acquired pursuant to the provisions of KRS\n103.200 to 103.285. Each such bond -authorizing ordinance or resolution shall be\neffective only after publication, in a newspaper authorized to publish official\nadvertisements for the issuer, of the title to said ordinance or resolution, together\nwith a statement signed by the clerk of the issuer setting forth the maximum amount\nof bonds to be outstanding at any one (1) time, the name of the lessee corporation,\nand the fact that the bonds are to be retired from the proceeds of either the lease\npayments as set forth in KRS 103.200 to 103.285, inclusive, or the loan payments or\nsale payments in the event the industrial building financing transaction is carried out\npursuant to a loan agreement, sale agreement, or other tax incen tive agreement. No\npublication of the complete ordinance or resolution shall be required, but said\nordinance or resolution shall be entered upon the records of the issuer and shall be\navailable for public inspection.\n(3) Any industrial buildings financed b y bonds pursuant to KRS 103.200 to 103.285\nand leased in connection with the bond financing from a tax -exempt governmental\nunit, or tax -exempt statutory authority, shall require the prior approval by the\nKentucky Economic Development Finance Authority of the reduced ad valorem tax\nfor industrial buildings under KRS 132.020, the standards for which the Kentucky\nEconomic Development Finance Authority shall establish through its operating\nprocedures or by the promulgation of administrative regulations in accor dance with\nKRS Chapter 13A. The authority shall consider, along with other indicators, when\nestablishing standards, the number of jobs to be created, the amount of capital to be\ninvested, and the wages and benefits to be paid.\n(4) The Kentucky Economic Development Finance Authority, any air board established\npursuant to KRS 183.132, and any riverport authority established as provided in\nKRS 65.510 to 65.650, inclusive, shall have and possess all power and authority\ngranted to cities and counties by the prov isions of KRS 103.200 to 103.285,\nexcluding condemnation powers under KRS 103.245, for the financing of industrial\nbuildings. For such purposes, the terms \"city,\" \"county,\" and \"issuer\" as used in\nKRS 103.200 to 103.285, inclusive, shall also mean and refe r to the Kentucky\nEconomic Development Finance Authority, any air board established pursuant to\nKRS 183.132, and any riverport authority established as provided in KRS 65.510 to\n65.650. The power and authority granted to the Kentucky Economic Development\nFinance Authority, any air board, and any riverport authority shall be and constitute\nan additional and alternative grant of power and authority to such governmental\nagencies, and shall not be construed as being in derogation of any other powers\nvested in each of such governmental agencies.","path":["KRS Chapter 103"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43473","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:07Z","sha256":"4605e4e58798ff1907cfc7af3100c6c911f3c5b3afc8245e37ad294793fbb6de","source_id":"us-ky","stale":false,"prev":"us-ky/krs-103.200","next":"us-ky/krs-103.2101"},"notice":"GroundRules: Original legal text. Not legal advice."}