{"data":{"id":"us-ky/krs-441.640","jurisdiction":"us-ky","citation":"KRS 441.640","heading":"Revenue bonds issued by authority -- Limits on first issue -- Provisions for","body":"delivery of bond or note certificates.\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 and lease; provided that,\nthe authority shall not issue bonds before July 15, 1983, and until the total amount\nof revenues collected and deposited in the authority's fund equals or exceeds two\nmillion dollars ($2,000,000). The principal and i nterest on such bonds are payable\nsolely from the funds provided for such payment. Any issue may be in one (1) or\nmore series and any such series may enjoy equal or subordinate status with respect\nto the pledge of funds from which they are payable, shall b e dated, shall bear\ninterest at such rate or rates as established by the authority, shall mature at such\ntime or times not exceeding forty (40) years from their date or dates, all as may be\nprovided by the authority, and may be made redeemable before matur ity, at the\noption of the authority, at such price or prices and under such terms and conditions\nas may be fixed by the authority prior to the issuance of the bonds. The authority\nshall determine the form of the bonds and shall fix the denomination of the bonds\nand the place or places for payment of principal and interest, which may be at any\nbank or trust company within or without the Commonwealth or at the office of the\nFinance and Administration Cabinet. The bonds shall be signed by the facsimile\nsignature of the chairman or secretary of the authority, and the seal of the authority\nor a facsimile thereof shall be affixed thereto and attested by the manual signature\nor a facsimile thereof of the secretary or chairman of the authority. All bonds issued\nunder the provisions of KRS 441.625 to 441.695 shall have all the qualities and\nincidents of negotiable instruments under the uniform commercial code, KRS\nChapter 355. The authority may sell such 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 such bonds shall have been issued, and\nshall be disbursed in such manner and under such restrictions, if any, as the\nauthority may provide in the proceeding s authorizing the issuance of such bonds or\nin the trust indenture securing the same. If the proceeds of the bonds of any issue,\nby error of estimates or otherwise, shall be less than such cost, additional bonds\nmay in like manner be issued to provide the amount of such deficit, and, unless\notherwise provided in the proceedings authorizing the issuance of such bonds or in\nthe trust indenture securing the same, shall be deemed to be of the same issue and\nshall be entitled to payment from the same fund withou t preference or priority of\nthe bonds first issued. If the proceeds of the bonds of any issue exceed such cost,\nthe surplus shall be deposited to the credit of the sinking fund or funds for such\nbonds or any account or accounts therein as the authority sha ll have provided in the\nproceedings or trust indenture authorizing and securing such bonds.\n(3) Prior to the preparation of definitive bonds, the authority may, under like\nrestrictions, issue notes or temporary bonds exchangeable for definitive bonds when\nsuch bonds shall have been executed and are available for delivery. The authority\nmay also provide for the replacement of any bonds which shall become mutilated or\nshall be destroyed or lost.\n(4) The terms of the trust indenture under which bonds or notes are issued may delegate\nto the trustee the authority to establish procedures for the physical delivery of bond\nor note certificates either at the time of original issuance or on subsequent transfers\nbut any such method shall be subject to the approval of the authority.","path":["KRS Chapter 441"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=19369","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:56Z","sha256":"6b054516219531ababb189e0f05a1b2117befda4885783c51ccf6cd1b3e1da1b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-441.635","next":"us-ky/krs-441.645"},"notice":"GroundRules: Original legal text. Not legal advice."}