{"data":{"id":"us-ky/krs-247.950","jurisdiction":"us-ky","citation":"KRS 247.950","heading":"Issuance of bonds or notes by corporation.","body":"(1) The corporation is hereby authorized to provide for the issuance in its lending\nagency capacity and in its issuing agency capacity, at one (1) time or from time to\ntime, of bonds, notes, renewal notes, refunding bonds, interim certificates,\ncertificate of indebtedness, debentures, warrants, commercial paper, or other\nobligations or evidences of indebtedness, hereinafter collectively referred to as\n\"bonds or notes\" of the corporation in an amount not to exceed five hundred million\ndollars ($500,000,000). The  principal of and the interest on these bonds or notes\nshall be payable solely from the funds herein provided for the payment. Notes may\nbe made payable from the proceeds of the bonds or renewal notes or, in the event\nbond or renewal note proceeds are not available, the notes may be paid from any\navailable revenues or assets of the corporation.\n(2) Bonds or notes of each issue shall be dated and may be redeemable prior to maturity\nat the option of the corporation under terms and conditions as may be determined by\nthe corporation.\n(3) Bonds or notes shall bear interest at such rate or rates as may be determined by the\ncorporation at a publicly advertised competitive sale or, at the discretion of the\ncorporation, upon a private, negotiated basis.\n(4) Bonds or notes shall mature as to principal and shall be payable as to interest upon\nthe terms as the corporation shall determine in light of the conditions of the\nmunicipal bond market at the time of their authorization; provided, however, that\nobligations issued to finance personal property shall not have a term in excess of the\nexpected useful life of the property financed.\n(5) The corporation shall determine the form and manner of the execution of the bonds\nor notes, denominations, medium, and places of payment. In the event any officer of\nthe corporation whose signature or a facsimile of whose signature shall appear on\nany bonds or notes attached thereto shall cease to be an officer before the delivery\nthereof, the signature or facsimile shall nevertheless be va lid and sufficient for all\npurposes as if said party had remained in office until delivery.\n(6) The proceeds of any bonds or notes shall be used solely for the purposes for which\nissued and shall be disbursed in a manner and under restrictions as the corpo ration\nmay determine in its bond resolution authorizing the issuance thereof or in the trust\nagreement.\n(7) Bonds or notes of the corporation may be sold for a price in a manner and from time\nto time as may be determined by the corporation to be most benef icial, and the\ncorporation may pay all expenses, premiums, fees, or commissions which it may\ndeem necessary or advantageous in connection with the issuance and sale thereof,\nsubject to the provisions of KRS 247.940 to 247.978.\n(8) The bonds or notes may be  issued in coupon or in registered form, or both, and\nprovision may be made for the registration of any coupon bonds or notes as to\nprincipal alone and also as to both principal and interest, and for the reconversion\ninto coupon bonds or notes of any bonds or notes registered as to both principal and\ninterest, and for the interchange of registered and coupon bonds or notes.\n(9) Prior to the preparation of definitive bonds, the corporation may, under like\nrestrictions, issue interim receipts or temporary bon ds, with or without coupons,\nexchangeable for definitive bonds when the bonds shall have been executed and are\navailable for delivery. The corporation may also provide for the replacement of any\nbonds or notes which shall become mutilated or shall be destroyed or lost.","path":["KRS Chapter 247"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=11862","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:00Z","sha256":"05505e3c140e511f0420b76024346f9cd8208f92aa350c6712029fa5fa5df7ca","source_id":"us-ky","stale":false,"prev":"us-ky/krs-247.948","next":"us-ky/krs-247.951"},"notice":"GroundRules: Original legal text. Not legal advice."}