{"data":{"id":"us-ky/krs-220.577","jurisdiction":"us-ky","citation":"KRS 220.577","heading":"Revenue bonds of construction subdistrict -- Procedure -- Contents.","body":"(1) The district is authorized and empowered to issue negotiable, interest bearing,\nconstruction subdistrict bonds which shall not be an obligation of the district;\nconstruction subdistrict revenue bonds shall be secured solely by the revenues\npledged by KRS 2 20.593 and by moneys, if any, in the construction subdistrict\nreserve fund authorized by KRS 220.593. Construction subdistrict bonds can be\nissued to obtain funds for the building, installation, or acquisition of construction\nsubdistrict facilities or for refunding construction subdistrict bonds of the same\nconstruction subdistrict. Notwithstanding the foregoing two (2) sentences\nconstruction subdistrict bonds can be served by assessments.\n(2) Construction subdistrict bonds shall be authorized by resolution  of the board, shall\nbear a date or dates, shall mature at a time or times, not exceeding forty (40) years\nfrom their respective dates, bear interest at a rate or rates or method of determining\nrates, be payable annually or more often, be in a form, wholly  registered, registered\nas to principal with bearer coupon, or bearer with coupon, carry the registration\nprivileges, be executed in a manner, be payable in a manner, be payable in a\nmedium of payment at a place or places, and be subject to the terms of re demption,\nwith or without premium, as the resolution or resolutions may require. Construction\nsubdistrict bonds shall be sold at public sale for a price or prices as the board\ndetermines.\n(3) Any resolution or resolutions authorizing any bonds pursuant to this section may\ncontain provisions, which shall be a part of the contract with the holders of the\nbonds, concerning:\n(a) A pledge of or a security interest in the revenue derived from the construction\nsubdistrict;\n(b) The amounts to be raised in each year  by rates, rentals, and charges, and their\nuse and disposition;\n(c) The setting aside of reserves or sinking funds and their regulation and\ndisposition;\n(d) Limitations on the right of the district to restrict and regulate the use of the\nsubdistrict facilities;\n(e) Limitations on the purposes to which the proceeds of sale of any issue of\nbonds to be issued with respect to the same construction subdistrict may be\napplied;\n(f) Limitations on the issuance of additional bonds for the same construction\nsubdistrict; and\n(g) The procedure, if any, by which the term of any contract with bondholders\nmay be amended or be abrogated, and amount of the bonds the holders of\nwhich must give consent thereto, and the manner in which consent may be\ngiven.\n(4) Construction subdistrict bonds shall not constitute an obligation or indebtedness of\nthe district or of any city or county, and it shall be stated plainly on the face of each\nconstruction subdistrict bond that it has been issued under the provisions of KRS\n220.553 to 220. 613 and that it does not constitute an obligation or indebtedness of\nthe district or any city or county. All construction subdistrict bonds issued may be\nissued without vote of the voters and without any other proceedings or happenings\nof any other conditi on or things than those proceedings, conditions, and things\nwhich are specified and required by KRS 220.553 to 220.613. Construction\nsubdistrict bonds shall be signed in the name of the district by the chairman or vice\nchairman of the board, attested by th e signature of the secretary -treasurer, with\ncorporate seal of the district attached. The bonds may also be executed pursuant to\nKRS 61.390.","path":["KRS Chapter 220"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=9847","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:33Z","sha256":"d9c36a63ed9dedb3e7b0e1594d2659089409c346547b2af58dc105d8fcb137d2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-220.575","next":"us-ky/krs-220.580"},"notice":"GroundRules: Original legal text. Not legal advice."}