{"data":{"id":"us-ky/krs-278.694","jurisdiction":"us-ky","citation":"KRS 278.694","heading":"Application -- Liability restriction -- No obligation of taxation.","body":"(1) The laws of the Commonwealth shall govern the validity, enforceability,\nattachment, perfection, priority, and exercise of remedies with respect to the\ntransfer of an inter est or right or the pledge or creation of a security interest in any\nsecuritized property.\n(2) Neither the Commonwealth nor its political subdivisions shall be liable on any\nsecuritized bonds. The bonds shall not be a:\n(a) Debt or a general obligation of t he Commonwealth or any of its political\nsubdivisions, agencies, or instrumentalities; or\n(b) Special obligations or indebtedness of the Commonwealth or any of its\npolitical subdivisions, agencies, or instrumentalities.\n(3) An issue of securitized bonds sha ll not directly, indirectly, or contingently, obligate\nthe Commonwealth or any agency, political subdivision, or instrumentality of the\nCommonwealth to levy any tax or make any appropriation for payment of the\nsecuritized bonds, other than in their capacit y as consumers of electricity. All\nsecuritized bonds shall contain on their face a statement to the following effect:\n\"Neither the full faith and credit nor the taxing power of the Commonwealth of\nKentucky is pledged to the payment of the principal of, or interest on, this bond.\"","path":["KRS Chapter 278"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53812","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:31Z","sha256":"87180f995ef812e15cc5ecccd7c2279b2bbcc687e792252ed5b9f13f9a6d15fb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-278.692","next":"us-ky/krs-278.696"},"notice":"GroundRules: Original legal text. Not legal advice."}