{"data":{"id":"us-ky/krs-162.090","jurisdiction":"us-ky","citation":"KRS 162.090","heading":"Issuance and sale of bonds -- Proceeds -- Tax to pay.","body":"(1) If two-thirds (2/3) of those voting on the question vote in favor of the proposition,\nthe bonds shall be issued. The bonds shall be designated \"school improvement\nbonds.\" They shall be placed under the control of the board of education, and the\nboard shall determine when, at what price and how the bonds shall be sold, the date,\nnumber of bonds, denomination, whether coupon or registered, the rate of interest,\nthe frequency and place of payment of principal and interest, and other details as\ndesired, embodied in the bonds or in the request providing for their issue. The board\nshall at once adopt a resolution in conformity therewith. The bonds shall be signed\nby the chairman and secretary of the board of education. As the bonds are sold, their\nproceeds shall b e placed to the credit of the board of education in a depository\ndesignated by the board of education, and shall be kept in a separate account. The\ndepository shall be required to execute proper bond covering the funds.\n(2) The board of education of the di strict shall, in addition to the levy made for the\nmaintenance of schools, levy annually a tax sufficient to raise a sum for the payment\nof the interest and to create a sinking fund for the payment of the bonds at maturity.\nThe bonds shall be a charge upon the school district.","path":["KRS Chapter 162"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4035","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:12Z","sha256":"128cddc3b4f21fe8df9f6be62023ba8756836db7c1ebf0ee716a4efbbad7f757","source_id":"us-ky","stale":false,"prev":"us-ky/krs-162.085","next":"us-ky/krs-162.100"},"notice":"GroundRules: Original legal text. Not legal advice."}