{"data":{"id":"us-ky/krs-151.730","jurisdiction":"us-ky","citation":"KRS 151.730","heading":"Revenue bonds.","body":"(1) The authority is hereby authorized to provide, at one (1) time or from time to time,\nfor the issuance of its revenue bonds for the purpose of paying all or any part of the\ncost of any one (1) or more projects undertaken pursuant to KRS 151.720. The\nprincipal of and the interest on such bonds shall in each instance be payable solely\nfrom a special fund provided for the payment, with revenues derived from water use\nfees collected from all facilities using water from the Kentucky River basin, except\nthose faci lities using water primarily for agricultural purposes, pledged to be set\naside and deposited in such special fund. The bonds of any issue may be in one (1)\nor more series and any one (1) or more such series may enjoy equal or subordinate\nstatus with respe ct to the pledge of funds from which they are payable, shall be\ndated, shall bear interest, shall mature at such time or times not exceeding the\nthirtieth anniversary of their respective dates, all as may be provided by the\nauthority, and may be made redee mable before maturity, at the option of the\nauthority, at such price or prices and under such terms and conditions as may be\nfixed by the authority prior to the issuance of the bonds. The authority shall\ndetermine the form of bonds including any interest c oupons to be attached thereto,\nand shall fix the denomination or denominations of the bonds and the place or\nplaces for payment of principal and interest, which may be at any bank or trust\ncompany within or without the Commonwealth. The bonds shall be sign ed by the\nfacsimile signature of the chairman of the authority, and the seal of the authority or\na facsimile thereof shall be affixed thereto and attested by the manual signature of\nthe treasurer of the authority, and any coupons attached thereto shall bea r the\nfacsimile signature of the chairman of the authority. In case any officer whose\nsignature or a facsimile of whose signature shall appear on any bonds or coupons\nshall cease to be such officer before the delivery of such bonds, such signature or\nsuch facsimile shall nevertheless be valid and sufficient for all purposes the same as\nif he had remained in office until such delivery. All bonds issued under the\nprovisions of this section shall have and are hereby declared to have all qualities\nand incidents of negotiable instruments under the uniform commercial code of the\nCommonwealth. The bonds may be issued in coupon or in registered form, or both,\nas the authority may determine, and provision may be made for the registration of\nany coupon bonds as to pri ncipal alone and also as to both principal and interest,\nand for the reconversion into coupon bonds of any bonds registered as to both\nprincipal and interest. The authority may sell such bonds at public sale, and for such\nprice as it may determine will best effect the purposes of KRS 151.720.\n(2) The proceeds of the bonds of each issue shall be used solely for the payment of the\ncost of the project or projects for which such bonds shall have been issued, and shall\nbe disbursed in such a manner and under suc h restrictions, if any, as the authority\nmay provide in the proceedings authorizing the issuance of such bonds or in the\ntrust indenture securing the same. If the proceeds of the bonds of any issue, by error\nof estimates or otherwise, shall be less than su ch cost, additional bonds may in like\nmanner be issued to provide the amount of such deficit, and, unless otherwise\nprovided in the proceedings authorizing the issuance of such bonds or in the trust\nindenture securing the same, shall be deemed to be of the  same issue and shall be\nentitled to payment from the same fund without preference or priority of the bonds\nfirst issued. If the proceeds of the bonds of any issue shall exceed such cost, the\nsurplus shall be deposited to the credit of the sinking fund or funds for such bonds\nor any account or accounts therein as the authority shall have provided in the\nproceedings or trust indenture authorizing and securing such bonds.\n(3) Prior to the preparation of definitive bonds, the authority may, under like\nrestrictions, issue interim receipts or temporary bonds, with or without coupons,\nexchangeable for definitive bonds when such bonds shall have been executed and\nare available for delivery. The authority may also provide for the replacement of any\nbonds which shall become mutilated or shall be destroyed or lost.\n(4) The authority may issue revenue bond anticipation notes.\n(5) Any holder of bonds issued under the provisions of this section or any of the\ncoupons appertaining thereto, and the trustee under any trust in denture, except to\nthe extent of the rights given in this section, may be restricted by such trust\nindenture or proceedings, may, either at law or in equity, by suit, action, mandamus,\nor other proceedings, protect and enforce any and all rights under the laws of the\nCommonwealth or granted under this section or under such trust indenture or the\nproceedings authorizing the issuance of such bonds, and may enforce and compel\nthe performance of all duties required by this section or by such trust indenture or\nproceedings to be performed by the authority or by any officer or employee thereof.\n(6) Revenue bonds issued under the provisions of this section shall not be a debt,\nliability, or obligation of the Commonwealth or any political subdivision thereof\nand sha ll not be a pledge of the faith and credit of the Commonwealth or any\npolitical subdivision thereof.\n(7) Revenue bonds issued by the authority shall be subject to the jurisdiction and\napproval of the State Property and Buildings Commission and the Capital Projects\nand Bond Oversight Committee and shall be subject to review by the Office of\nFinancial Management established in KRS 42.0201.\n(8) The authority shall not be required to pay any taxes and assessments to the\nCommonwealth or any county, municipality,  or other governmental subdivision of\nthe Commonwealth upon any of its property or upon its obligations or other\nevidences of indebtedness pursuant to the provisions of this section, or upon any\nmoneys, funds, revenues, or other income held or received by the authority and the\nbonds or notes of the authority and the income therefrom shall at all times be\nexempt from taxation, except for death and gift taxes and taxes of transfers.\n(9) Contractual expenses to construct, reconstruct, provide for the major mai ntenance,\nor repair the Kentucky River locks and dams, or to maintain the channel, or to\nacquire real or personal property pertaining thereto, or to construct, reconstruct,\nmaintain, or repair such property, shall be paid from the proceeds of the revenue\nbonds. Expenses for administrative services and necessary travel expenses and per\ndiem compensation of authority members, shall not be paid from the proceeds of the\nrevenue bonds. Nor shall the cabinet's cost of operating the locks be paid from the\nproceeds of the revenue bonds.","path":["KRS Chapter 151"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=2169","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:46Z","sha256":"323d9d58a336292a5245228d743b2482af62dc4196b8ba8d7497ddef05ee3fe2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-151.729","next":"us-ky/krs-151.810"},"notice":"GroundRules: Original legal text. Not legal advice."}