{"data":{"id":"us-ky/krs-353.408","jurisdiction":"us-ky","citation":"KRS 353.408","heading":"Issuance of bonds for benefit of authority.","body":"(1) Bonds shall be issued by a gas acquisition authority pursuant to KRS 65.270 and\nthis section, provided that, notwithstanding the provisions of KRS 65.270 or any\nother provision of law, the authority:\n(a) May issue notes in anticipation of the issuance of b onds, issue bonds for one\n(1) or more projects and purposes, and issue bonds to refund bonds previously\nissued;\n(b) May issue bonds in one (1) or more series that mature not more than forty (40)\nyears from their date and are subject to redemption or tender  for purchase by\nthe owners thereof at such times, upon such terms and at such prices as are set\nforth in the proceedings authorizing their issuance;\n(c) May issue and secure its bonds pursuant to a bond resolution, trust indenture,\nor other security instr ument approved by its governing body, establish and\nfund from bond proceeds or its revenues and reserves as it shall deem\nnecessary or desirable, and enter into such covenants and agreements with the\nowners of the bonds as shall be necessary to secure the same;\n(d) May sell its bonds at public or private sale in such manner, at such price, and\nupon such terms as shall be determined by its governing body;\n(e) May, in connection with its bonds, enter into contracts for bond insurance,\nsurety bonds, bond ratin gs, letters of credit, and other forms of credit\nenhancement, lines of credit, trustee and paying agent services, standby bond\npurchase agreements and other liquidity facilities, and bond remarketing\nagreements, reimbursement agreements, interest rate swap , exchange, cap, or\ncollar contracts, forward delivery contracts, all as approved by its governing\nbody; and\n(f) Shall take all actions necessary to authorize, issue, and secure its bonds, and\nno actions shall be required to be taken under KRS 65.270 by th e municipal\nutilities that created the authority.\n(2) Bonds issued by a gas acquisition authority shall be fully negotiable for all\npurposes. Any lien, pledge, or other security interest created by an authority to\nsecure its obligations is valid, binding, perfected, and enforceable on and after the\neffective date of the bond resolution, trust indenture, or other security instrument\nunder which it is created, and no physical delivery, filing, or recording shall be\nrequired to perfect the same under the Unifo rm Commercial Code or otherwise. An\nauthority may, but shall not be required to, publish any of its proceedings in\nconnection with the issuance of bonds.\n(3) Bonds issued by a gas acquisition authority shall constitute an obligation of only the\nauthority, shall be payable solely from the property, revenue, and income pledged\nfor their payment, and shall not constitute an indebtedness, liability, or obligation of\nthe municipal utilities that created the authority, the Commonwealth, or any\npolitical subdivision thereof other than the authority.","path":["KRS Chapter 353"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33093","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:39Z","sha256":"07e4cfe10c15f6a17a2f0126f289302e364d718b339b232f51fa39a7028123aa","source_id":"us-ky","stale":false,"prev":"us-ky/krs-353.406","next":"us-ky/krs-353.410"},"notice":"GroundRules: Original legal text. Not legal advice."}