{"data":{"id":"us-ky/krs-175b.060","jurisdiction":"us-ky","citation":"KRS 175B.060","heading":"Issuance of project revenue bonds -- Use of bond proceeds.","body":"(1) (a) 1. An issuing authority may, by resolution, authorize the issuance of\nproject revenue bonds for the purpose of paying the cost of a project.\n2. The principal of and the interest on the project revenue bonds shall be\npayable solely from the funds provided for the payment.\n3. The bonds of each issue:\na. Shall be dated;\nb. Shall bear interest at a rate or method of determining rates;\nc. Shall mature at a time not exceeding forty (40) years from their\nissuance date, as determined by the issuing authority; and\nd. May be redeemable before maturity, at the option of the issuing\nauthority, at a price and under terms and conditions as may be\nfixed by the issuing authority prior to the issuance of the project\nrevenue bonds.\n4. The issuing authority shall:\na. Determine the form of the bonds;\nb. Fix the denomination of the bonds; and\nc. Fix the place of payment of principal and interest, which may be at\nany bank or trust company within or without the Commonwealth.\n(b) 1. The project revenue bonds shall be signed by the chai rman or other\npresiding officer of the issuing authority or shall bear that officer's\nfacsimile signature, and the seal of the issuing authority or a facsimile\nshall be affixed to the project revenue bonds and attested by the\nsecretary of the issuing authority.\n2. If any officer whose signature or a facsimile of whose signature appears\non any project revenue bonds ceases to be an officer before the delivery\nof the project revenue bonds, the signature or facsimile shall be valid\nand sufficient for all purposes as if the officer had remained in office\nuntil the delivery.\n3. All project revenue bonds issued under this chapter shall have all the\nqualities and incidents of negotiable instruments under the negotiable\ninstruments law of the Commonwealth.\n4. The project revenue bonds shall be issued in registered form.\n5. The issuing authority may sell the project revenue bonds in a manner,\neither at public or private sale, and for a price as it determines will best\ncarry out the purposes of this chapter.\n(2) (a) The proceeds of the project revenue bonds of each issue shall be used solely\nfor the payment of the cost of the project or projects for which the bonds were\nissued, and shall be disbursed in a manner and under the restrictions the\nissuing authority provides in the res olution authorizing the issuance of the\nproject revenue bonds or in the trust agreement securing the project revenue\nbonds.\n(b) If the proceeds of the project revenue bonds of any issue, by error of estimates\nor otherwise, are less than the cost of the project or projects, additional project\nrevenue bonds may be issued to provide the amount of the deficit, and, unless\notherwise provided in the resolution authorizing the issuance of the project\nrevenue bonds or in the trust agreement securing the project rev enue bonds,\nshall be deemed to be of the same issue and shall be entitled to payment from\nthe same fund without preference or priority of the project revenue bonds first\nissued.\n(c) If the proceeds of the project revenue bonds of any issue exceed the cost,  the\nsurplus shall be deposited to the credit of the sinking fund required by KRS\n175B.040(3)(a) for the project revenue bonds or any account or accounts the\nissuing authority shall have provided for in the proceedings or trust indenture\nauthorizing and securing the project revenue bonds.\n(3) Project revenue bonds shall be issued in compliance with KRS 42.420 and 45A.840\nto 45A.879. Except as provided in KRS 42.420 and 45A.840 to 45A.879, project\nrevenue bonds may be issued under this chapter without obtain ing the consent of\nany local government, department, division, authority, board, bureau, or agency of\nthe Commonwealth, or of the Commonwealth, and without any other proceedings\nor conditions other than those proceedings or conditions which are specificall y\nrequired by this chapter.","path":["KRS Chapter 175B"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5145","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:26Z","sha256":"6954f88c0d4d1b9ffb01985bd1729ae8549ba3bf4fc4858467ad94161f34ed02","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175b.055","next":"us-ky/krs-175b.065"},"notice":"GroundRules: Original legal text. Not legal advice."}