{"data":{"id":"us-ky/krs-177.700","jurisdiction":"us-ky","citation":"KRS 177.700","heading":"Efforts to sell authorized and unissued bonds under existing restrictions to","body":"be continued -- If effort unsuccessful, proposal to remove interest rate limit to\nbe submitted to voters at an election.\n(1) The State Property and Buildings Commission (hereinafter sometimes referred to as\nthe \"commission\") is enjoined to continue its best efforts to sell and issue the\nheretofore unissued thirty million dollars ($30,000,000) of the Commonwealth's\ngeneral obligation bonds, as provided in KRS 177.580 to 177.630 , which was\napproved by the voters at the election held on November 6, 1956 (such bonds, for\nconvenience, being sometimes hereinafter referred to as the \"unissued 1956 bonds\";\nand the aforesaid issue of which the same constitute a part being sometimes\nhereinafter referred to as the \"1956 bonds\"). In doing so, the commission shall in all\nrespects observe the restrictive conditions presently applicable to said unissued\n1956 bonds, in that any sale or sales shall be for not less than par or face amount\nwith accrued interest to delivery, and at a rate or rates of interest not exceeding, as\nto any bond, three percent (3%) per annum, payable semiannually, and all of such\nbonds shall be caused to mature as to principal within thirty (30) years from January\n1, 1957.\n(2) Unless said unissued 1956 bonds are successfully sold by the commission on or\nprior to August 31, 1960, a proposal as set forth in KRS 177.700 to 177.820 shall be\nsubmitted to the qualified voters of the Commonwealth at the regular election\nscheduled by law to be held on November 8, 1960, seeking the voters' authorization\nand approval of removing, as to said unissued 1956 bonds, the three percent (3%)\ninterest rate limitation presently applicable thereto. Inasmuch as said unissued 1956\nbonds have been taken into account in determining the amount of money otherwise\nnecessary to be provided through issuance of additional bonds as hereinafter set\nforth, such proposal that the voters remove said existing interest rate limitation as to\nthe unissued 1956 bond s shall appear on the ballots at the election to be held on\nNovember 8, 1960, as a part of the ballot question submitting for authorization and\napproval KRS 177.700 to 177.820 as a whole and the proposed issuance of an\nadditional one hundred million dollar s ($100,000,000) of general obligation bonds\nof the Commonwealth for state parks, and for highways, bridges and tunnels, as\nhereinafter provided. In such event the form of the question which shall be caused\nto appear upon the ballots at the election on Nov ember 8, 1960, shall be as set forth\nin KRS 177.740.\n(3) In the event the said unissued 1956 bonds are successfully sold by the commission\non or prior to August 31, 1960, according to the presently existing interest rate\nlimitation, the commission shall, n ot later than September 1, 1960, so notify the\nSecretary of State of the Commonwealth; and inasmuch as there will then no longer\nbe any occasion to seek authorization of the voters for removal of said interest rate\nlimitation, the question to appear upon t he ballots submitting KRS 177.700 to\n177.820 for authorization and approval of the voters at the election on November 8,\n1960, shall be as provided in KRS 177.750.\n(4) Based upon representations made by the commission as set forth in this section the\nSecretary of State shall, after September 1, 1960, determine whether the form of\nquestion to be used in submitting KRS 177.700 to 177.820 to the voters for\nauthorization and approval at the election on November 8, 1960, shall be as set\nforth in KRS 177.740, or as set forth in KRS 177.750, and shall certify the\napplicable form of ballot question to the respective county clerks at the same time\nthat candidates for public office are provided to be certified pursuant to KRS\n118.225; and when each county clerk causes  the ballots to be printed according to\nKRS 117.145 the form of question so certified by the Secretary of State shall be\ncaused to appear thereon with appropriate spaces for the voters to designate \"Yes\"\nor \"No\".","path":["KRS Chapter 177"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5361","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:29Z","sha256":"c19bb085e2e1a87046be62f18eeb5fd5585517b128b22c268e3b04a7eca9ca6d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-177.630","next":"us-ky/krs-177.710"},"notice":"GroundRules: Original legal text. Not legal advice."}