{"data":{"id":"us-ky/krs-353.758","jurisdiction":"us-ky","citation":"KRS 353.758","heading":"Issuance of revenue bonds -- Proceeds of bonds -- Notes or temporary","body":"bonds.\n(1) The authority may provide for the issuance of revenue bonds to pay any part of the\ncost of any projects undertaken pursuant to an agreement. The principal and interest\non these bonds shall be payable solely from the funds provided for such payment.\nAny issue may be in one (1) or more series and any series may enjoy equal or\nsubordinate status with respect to the pledge of funds from which they are payable,\nshall be dated, shall bear interest at such rate or rates as established by the authority,\nshall mature at a time or times not exceeding twenty (20) years from their date or\ndates, all as may be provided by the authority, and may be made redeemable before\nmaturity, at the option of the authority, at the price or prices and under the terms and\nconditions as may be fixed by the authority prior to the issuance of the bonds. The\nauthority shall determine the form of the bonds and fix the denomination of the\nbonds and the place or places for payment of principal and interest, which may be at\nany bank or trust company within or without this Commonwealth or at the office of\nthe Finance and Administration Cabinet. The bonds shall be signed by the facsimile\nsignature of the chair or secretary of the authority, and the seal of the authority or a\nfacsimile thereof  shall be affixed thereto and attested by the manual or facsimile\nsignature of the secretary or chair of the authority. All bonds issued under the\nprovisions of KRS 353.750 to 353.776 shall have all the qualities and incidents of\nnegotiable instruments und er the Uniform Commercial Code, KRS Chapter 355.\nThe authority may sell bonds at public or private sale.\n(2) The proceeds of the bonds of each issue shall be used solely for the payment of the\ncost of the project or projects for which the bonds are issued,  and shall be disbursed\nin the manner and under any restrictions as the authority may provide in the\nproceedings authorizing the issuance of the bonds or in the trust indenture securing\nthe same. If the proceeds of the bonds of any issue, by error of estim ates or\notherwise, is less than the cost, additional bonds may be issued in like manner to\nprovide the amount of the deficit and, unless otherwise provided in the proceedings\nauthorizing the issuance of the bonds or in the trust indenture securing the same ,\nshall be deemed to be of the same issue and entitled to payment from the same fund\nwithout preference or priority of the bonds first issued. If the proceeds of the bonds\nof any issue exceed the cost, the surplus shall be deposited to the credit of the\nsinking fund or funds for these bonds or any account or accounts therein as the\nauthority shall provide in the proceedings or trust indenture authorizing and\nsecuring the bonds.\n(3) Prior to the preparation of definitive bonds, the authority may, under like\nrestrictions, issue notes or temporary bonds that shall be exchangeable for definitive\nbonds when the definitive bonds are executed and available for delivery.","path":["KRS Chapter 353"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33154","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:40Z","sha256":"7615a946dec4545192467de923462a3488f91dc7b503696b823a8e8aa189b4bf","source_id":"us-ky","stale":false,"prev":"us-ky/krs-353.756","next":"us-ky/krs-353.760"},"notice":"GroundRules: Original legal text. Not legal advice."}