{"data":{"id":"us-ky/krs-269.010","jurisdiction":"us-ky","citation":"KRS 269.010","heading":"Issue of refunding bonds for drainage, levee, or reclamation district --","body":"Maturity -- Interest rate -- Exchange of bonds or sale -- Use of proceeds.\n(1) Whenever the board of drainage commissioners or other governing authority of any\ndrainage, levee, o r reclamation district organized under any law of this state finds\nand declares of record that it is advisable and for the best interests of the property\nowners of the district to refund any part of the bonded indebtedness of the district, it\nmay issue ref unding bonds, payable at any time within forty (40) years from their\ndate as the board or governing authority may determine. The refunding bonds shall\nnot exceed the amount of bonds refunded and interest accrued on the bonds to the\ndate of the refunding bo nds. They shall bear interest at a rate or rates or method of\ndetermining rates as the board determines and be payable at least annually.\n(2) When issued, refunding bonds may be exchanged for the outstanding bonds if the\nholders of the bonds agree, or the refunding bonds may be sold for not less than the\npar value and accrued interest. The proceeds of the sale of the bonds shall be used in\nthe payment of the outstanding bonds and the cost incident to the issuing of the\nrefunding bonds. No refunding bond sha ll become a valid obligation of the district\nuntil an equivalent amount of the bonds refunded have been surrendered and\ncanceled. Until refunding bonds have been issued, the rate of tax or amount of\nassessment applicable to the bonds to be refunded shall not be reduced.","path":["KRS Chapter 269"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=12991","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:14Z","sha256":"7c9d493fbb31736837da0510bcc36c37013ac5d420748d343c518e58e6c9a7cf","source_id":"us-ky","stale":false,"prev":"us-ky/krs-269.005","next":"us-ky/krs-269.020"},"notice":"GroundRules: Original legal text. Not legal advice."}