{"data":{"id":"us-ky/krs-157.625","jurisdiction":"us-ky","citation":"KRS 157.625","heading":"Issuance of bonds.","body":"(1) Bonds of the commission shall be issued in the name of the commission, shall be\ndesignated \"school building revenue bonds\" or, if appropriate, \"school building\nrevenue refunding bonds,\" and shall additionally be identified by the name of the\nboard of education executing the lease. If the commission shall issue more than one\n(1) series of bonds for the same lessee from time to time, each series, including the\nfirst or subsequent to the first, shall additionally be identified distinctly by\nalphabetical or chronological designation, by date of the bonds, or otherwise as the\ncommission may determine.\n(2) For the purpose of determining any limit prescribed by any law for investment of\nany public funds, or funds of banks, trust companies, insurance companies, building\nand loan associations, credit unions, pension and retirement funds, and fiduciaries,\nin obligations of a single obligor, bonds issued by the commission pursuant to KRS\n157.615 to 157.640 shall not be deemed to be bonds or obligations of the same\nobligor except to the aggregate of all series of bonds involving leases of a single\nboard of education.\n(3) Bonds issued by the commission under the provisions of KRS 157.615 to 157.640\nare hereby made securities in which all public officers and public bodies o f the\nCommonwealth and its political subdivisions, all insurance companies, trust\ncompanies, banking associations, investment companies, executors, trustees, and\nother fiduciaries, and all other persons whatsoever who are now or may hereafter be\nauthorized to invest in bonds or other obligations of a similar nature may properly\nand legally invest funds, including capital in their control or belonging to them. The\nbonds are hereby made securities which may properly and legally be deposited with\nand received by any state or municipal officer or any agency or political subdivision\nof the Commonwealth for any purpose for which the deposit of bonds or other\nobligations of the Commonwealth is now or may hereafter be authorized by law.\n(4) Nothing contained herein shall be construed to prohibit a board of education from\nelecting to issue bonds on the local level through a city, county, or other agency and\ninstrumentality of the board of education, and in such event the commission may\nenter into a participation agree ment with the board of education implementing the\ncommission's participation in the financing plan represented by the bonds. In the\nevent of the issuance of bonds on the local level, the board of education may pledge\nand assign the commission's participation to the issuer to secure the bonds, and may\ncontract with the issuer to permit the collection by the commission or the issuer of\nrentals due from the board of education under the lease in the event of a failure by\nthe board of education to make the payments in a timely manner.","path":["KRS Chapter 157"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3354","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:02Z","sha256":"ac0ac9c5c8598923165caaa20b2dfebc89da04baace356dde62c380f28a1278d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-157.623","next":"us-ky/krs-157.627"},"notice":"GroundRules: Original legal text. Not legal advice."}