{"data":{"id":"us-ky/krs-103.230","jurisdiction":"us-ky","citation":"KRS 103.230","heading":"Bonds negotiable -- Disposal -- Private sale, when -- Payable only from","body":"revenue.\n(1) Notwithstanding the form or tenor, and in the absence of an express recital on the\nface thereof that the bond is nonnegotiable, all bonds issued pursuant to KRS\n103.200 to 103.285 shall at all times be and shall be treated as, and have all the\nqualities and incidents of negotiable instruments for all purposes. If any officer\nwhose signature or counter signature appears on the bonds or coupons ceases to be\nsuch officer before delivery of the bonds, his signature or countersignature shall\nnevertheless be valid and sufficient for all purposes the same as if he had remained\nin office until delivery. The bonds shall be sold upon such terms as the city\nlegislative body or the fiscal court of the county, as the case may be, deems best, or\nany contract for the acquisition of any industrial building may provide that payment\nshall be made in such bonds. The issuing authority may sell such bonds in such\nmanner, either at public or private sale, and for such price, as it may determine will\nbest effect the purposes of KRS 103.230 to 103.260; provided, however, that no\nprivate or negotiated sale shall be made unless the corporation which is contracting\nto lease the industrial building shall have requested in writing, addressed to the\nchief executive of the issuing authority, that the sale of the bonds shall be made\nprivately upon a negotiated basis.\n(2) The bonds shall be payable solely from the revenue derived from the building, and\nshall not constitute an indebtedness of the city or county within the meaning of the\nConstitution. It shall be plainly stated on the face of each bond that it has been\nissued under the provisions of KRS 103.200 to 103.280 and that it does not\nconstitute an i ndebtedness of the city or county within the meaning of the\nConstitution.","path":["KRS Chapter 103"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=27005","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:07Z","sha256":"fe6cb12b70ff6e933764b165e89e245e985250a6b96500d6d9f7f3ce6b5877cc","source_id":"us-ky","stale":false,"prev":"us-ky/krs-103.220","next":"us-ky/krs-103.240"},"notice":"GroundRules: Original legal text. Not legal advice."}