{"data":{"id":"us-ky/krs-177.450","jurisdiction":"us-ky","citation":"KRS 177.450","heading":"Turnpike revenue bonds.","body":"(1) The department is authorized to provide, at one time or from time to time, for the\nissuance of turnpike revenue bonds of the Commonwealth for the purpose of paying\nall or any part of the cost of any one or more turnpike projects. The principal of and\nthe interest on the bonds shall be payable solely from the funds provided in KRS\n177.390 to 177.570 for payment. The bonds of any issue may be in one (1) or more\nseries and any one (1) or more of the series may enjoy equal or subordinate status\nwith respect to the pledge of funds from which they are payable, shall be dated,\nshall bear interest at a rate or rates or method of determining rates, payable at least\nannually, shall mature at a time or times not exceeding forty (40) years from their\ndate or dates, all as may be determined by the department, and may be made\nredeemable before maturity, at the option of the department, at a price or prices and\nunder terms and conditions as may be fixed by the department prior to the issuance\nof the bonds. The department sh all determine the form of the bonds, including any\ninterest coupons to be attached to the bonds, and shall fix the denomination or\ndenominations of the bonds and the place or places for payment of principal and\ninterest, which may be at any bank or trust c ompany within or without the\nCommonwealth. The bonds shall be signed by the commissioner of highways, and\nthe great seal of the Commonwealth or a facsimile signature of the commissioner\nshall be affixed to the bonds and attested by the Secretary of State b y his facsimile\nsignature, and any coupons attached to the bonds shall bear the facsimile signature\nof the commissioner of highways. In case any officer whose signature or a facsimile\nof whose signature shall appear on any bonds or coupons shall cease to be an officer\nbefore the delivery of the bonds, the signature or facsimile shall nevertheless be\nvalid and sufficient for all purposes the same as if he had remained in office until\nthe delivery. All bonds issued under the provisions of KRS 177.390 to 177.5 70\nshall have and are declared to have all the qualities and incidents of negotiable\ninstruments under the negotiable instruments law of the Commonwealth. The bonds\nmay be issued in coupon or in registered form, or both, as the department may\ndetermine, and provision may be made for the registration of any coupon bonds as\nto principal alone and also as to both principal and interest, and for the reconversion\ninto coupon bonds of any bonds registered as to both principal and interest. The\ndepartment may sell the bonds in a manner, either at public or private sale, and for a\nprice as it may determine will best effect the purposes of KRS 177.390 to 177.570.\n(2) The proceeds of the bonds of each issue shall be used solely for the payment of the\ncost of the turnp ike project or projects for which the bonds shall have been issued,\nand shall be disbursed in a manner and under the restrictions, if any, as the\ndepartment may provide in the proceedings authorizing the issuance of the bonds or\nin the trust agreement ment ioned in KRS 177.460 securing the bonds. If the\nproceeds of the bonds of any issue, by error of estimates or otherwise, shall be less\nthan the cost, additional bonds may be issued to provide the amount of the deficit,\nand, unless otherwise provided in the proceedings authorizing the issuance of the\nbonds or in the trust agreement securing the bonds, shall be deemed to be of the\nsame issue and shall be entitled to payment from the same fund without preference\nor priority of the bonds first issued. If the pro ceeds of the bonds of any issue shall\nexceed the cost, the surplus shall be deposited to the credit of the sinking fund or\nfunds for the bonds or any account or accounts as the department shall have\nprovided in the proceedings or trust agreement authorizing and securing the bonds.\n(3) Prior to the preparation of definitive bonds, the department may, under like\nrestrictions, issue interim receipts or temporary bonds, with or without coupons,\nexchangeable for definitive bonds when the bonds shall have been ex ecuted and are\navailable for delivery. The department may also 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 KRS 177.390 to 177.570 without obtaining the\nconsent of any department, division, commission, board, department, or agency of\nthe Commonwealth, and without any other proceedings or the happening of any\nother conditions or things than those proceedings, conditions, or things which are\nspecifically required by KRS 177.390 to 177.570.","path":["KRS Chapter 177"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5331","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:29Z","sha256":"b413ab8b282c96bdab36835c5515f7ebe434dc669faac59229d16ab03886bef5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-177.440","next":"us-ky/krs-177.460"},"notice":"GroundRules: Original legal text. Not legal advice."}