{"data":{"id":"us-ky/krs-247.180","jurisdiction":"us-ky","citation":"KRS 247.180","heading":"Revenue bonds.","body":"(1) The State Fair Board is authorized and empowered to issue and sell negotiable\nrevenue bonds in denominations and in an amount or amounts as may be deemed by\nthe board to be for the best interest of the Commonwealth, for any of the following\npurposes:\n(a) To acquire real estate to be devoted to a revenue-producing use.\n(b) To pay all or any part of the expense or cost of or incidental to a building\nproject.\n(c) To defray the cost of plans, specifications, blue prints, architectural fees and\nother expenses authorized to be incurred under the terms of KRS 247.130 and\n247.140.\n(2) Any revenue bonds so issued shall bear interest at a rate or rates or method of\ndetermining rates, payable at least, as the State Fair Board determines and shall\nbecome due and payable  not more than forty (40) years from the date of issuance.\nThe payment of the bonds, together with the interest thereon, may be secured by a\npledge and a first lien on all the receipts and revenue derived or to be derived, from\nany physical property under the control of the board. Neither the payment of any\nbond, nor the interest on the bond, issued under the authority of this section, shall\nconstitute an indebtedness of the Commonwealth of Kentucky or of the State Fair\nBoard, nor shall any bond or interest  on the bond be payable out of any fund except\nany funds as may be derived from rentals or other revenues derived from the\noperation of the properties or from revenues as may have been, or may be, available\nfor a purpose or purposes, by law.\n(3) All bonds which may be issued by the board under the provisions of this section\nshall be sold to the highest bidder after having been advertised by publication\npursuant to KRS Chapter 424, and by other advertising as the board may prescribe\nif it finds additional advertising is necessary.\n(4) All competitive bids for the sale of the revenue bonds shall be opened and read\npublicly by the board or its representative at a designated place, day, and hour, all of\nwhich shall be announced in the advertising.\n(5) Except as otherwise specifically provided in this section, the board is vested with all\nof the rights, powers, and duties set forth and enumerated under KRS Chapter 58.\n(6) In the event the board issues and sells revenue bonds for a building project as\nauthorized in KRS 247.140 and this section, it may carry insurance, including fire\nand windstorm, casualty, catastrophe, use and occupancy, and other insurance as the\nboard may deem advisable in connection with the building project, and may\nobligate and bind itself in a trust indenture securing the payment of bonds. Any\ninsurance shall be paid for out of the funds available for the project.\n(7) All money from the sale of revenue bonds shall be paid to the State Treasurer and\nshall be held by him as a special trust fund to be designated as directed by the board,\nand no part shall be withdrawn from the State Treasury except for the purposes\nauthorized by this section, together with the cost incidental to the issuing and selling\nof the bonds and other directly related expenses. The board may likewise provide in\nany trust indenture securing revenue bonds for additional terms and conditions, or\nfor other restrictions not in conflict with this section.","path":["KRS Chapter 247"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=11601","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:57Z","sha256":"a337d5c3c4e8bbc12692afac4fd781d807a6e44e4b054e6404ebadae62639bc0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-247.170","next":"us-ky/krs-247.190"},"notice":"GroundRules: Original legal text. Not legal advice."}