{"data":{"id":"us-ky/krs-173.080","jurisdiction":"us-ky","citation":"KRS 173.080","heading":"Issuance of library bonds.","body":"The board of trustees may, in its discretion, issue bonds in the sum of not over one\nmillion dollars ($1,000,000) for the purpose of making improvements or repairs, or\npaying off any indebtedness it may owe. The bonds may be secured by any or all real or\npersonal property owned by the library. The bonds shall be designated as \"library bonds\"\nand the board of trustees shall, by resolution, fix the date and maturity of the bonds, the\nrate of interest and form they shall bear, and where they shall be payable. The board shall\ndetermine when, at what price and how the bonds shall be sold. As the bonds are sold\ntheir proceeds shall be placed in some bank, but shall be kept in a separate account and\nshall be used only for the purpose for which the bonds were issued, provided however the\nexpense and cost of floating the bonds may be paid therefrom. The rent received in any\nyear from any real property belonging to the board of trustees shall be first applied to the\npayment of interest on bonds for such year, and next to the sinking fund requirements of\nthe bond issue for such year, and the balance may be used for current operating expenses\nof the board of trustees.","path":["KRS Chapter 173"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4910","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:23Z","sha256":"49cb8802b1923aabb744417092a627c8ee48a909bd0cca6f906d3436746c53dc","source_id":"us-ky","stale":false,"prev":"us-ky/krs-173.070","next":"us-ky/krs-173.090"},"notice":"GroundRules: Original legal text. Not legal advice."}