{"data":{"id":"us-ky/krs-175.500","jurisdiction":"us-ky","citation":"KRS 175.500","heading":"Turnpike revenue bonds of the authority.","body":"(1) The authority is authorized to provide, at one (1) time or from time to time, for the\nissuance of its turnpike revenue bonds for the purpose of paying all or any part of\nthe cost of any one (1) or more turnpike projects undertaken pursuant to an\nagreement and lease. The principal of and the interest on the bonds shall be payable\nsolely from the funds provided for the payment. The bonds of any issue may be in\none (1) or more series and any one (1) or more series may enjoy equal or\nsubordinate status with res pect to the pledge of funds from which they are payable,\nshall be dated, shall bear interest at a rate or rates or method of determining rates,\nshall mature at a time or times not exceeding forty (40) years from their date or\ndates, all as may be provided by the authority, and may be made redeemable before\nmaturity, at the option of the authority, at a price or prices and under terms and\nconditions as may be fixed by the authority prior to the issuance of the bonds. The\nauthority shall determine the form of  the bonds, including any interest coupons to\nbe attached to the bonds, and shall fix the denomination or denominations of the\nbonds and the place or places for payment of principal and interest, which may be at\nany bank or trust company within or without the Commonwealth. The bonds shall\nbe signed by the facsimile signature of the chairman of the authority, and the seal of\nthe authority or a facsimile of the seal shall be affixed to the bonds and attested by\nthe manual signature of the secretary of the aut hority, and any coupons attached to\nthe bonds shall bear the facsimile signature of the chairman of the authority. In case\nany officer whose signature or a facsimile of whose signature shall appear on any\nbonds or coupons shall cease to be an officer befor e the delivery of the bonds, the\nsignature or facsimile shall nevertheless be valid and sufficient for all purposes the\nsame as if he had remained in office until delivery of the bonds. All bonds issued\nunder the provisions of this chapter shall have and a re declared to have all the\nqualities and incidents of negotiable instruments under the negotiable instruments\nlaw of the Commonwealth. The bonds may be issued in coupon or in registered\nform, or both, as the authority may determine, and provision may be m ade for the\nregistration of any coupon bonds as to principal alone and also as to both principal\nand interest, and for the reconversion into coupon bonds of any bonds registered as\nto both principal and interest. The authority may sell the bonds in a manne r, either\nat public or private sale, and for a price as it may determine will best effect the\npurposes of this chapter.\n(2) The proceeds of the bonds of each issue shall be used solely for the payment of the\ncost of the turnpike project or projects for whi ch the bonds shall have been issued,\nand shall be disbursed in a manner and under the restrictions, if any, as the authority\nmay provide in the proceedings authorizing the issuance of the bonds or in the trust\nindenture securing the bonds. If the proceeds of the bonds of any issue, by error of\nestimates or otherwise, shall be less than the cost, additional bonds may be issued to\nprovide the amount of the deficit, and, unless otherwise provided in the proceedings\nauthorizing the issuance of the bonds or in t he trust indenture securing the bonds,\nshall be deemed to be of the same issue and shall be entitled to payment from the\nsame fund without preference or priority of the bonds first issued. If the proceeds of\nthe bonds of any issue shall exceed the cost, th e surplus shall be deposited to the\ncredit of the sinking fund or funds for the bonds or any account or accounts as the\nauthority shall have provided in the proceedings or trust indenture authorizing and\nsecuring the 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 the bonds shall have been executed and are\navailable for delivery. The authority may al so provide for the replacement of any\nbonds which shall become mutilated or shall be destroyed or lost. Bonds may be\nissued under the provisions of this chapter without obtaining the consent of any\ndepartment, division, commission, board, bureau, or agency  of the Commonwealth,\nand without any other proceedings or the happening of any other conditions or\nthings, except as specifically required by this chapter.","path":["KRS Chapter 175"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5080","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:25Z","sha256":"46436da8e838180c4e070032d0f8ef92039a606d0fd6bb4fb0612022c2d28f93","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175.490","next":"us-ky/krs-175.505"},"notice":"GroundRules: Original legal text. Not legal advice."}