{"data":{"id":"us-ky/krs-56.520","jurisdiction":"us-ky","citation":"KRS 56.520","heading":"Revenue bonds -- Investment of proceeds of authorized bonds.","body":"(1) The commission may issue and sell revenue or other authorized bonds, in carrying\nout the provisions of this chapter, in denominations and amounts, as is deemed to be\nfor the best interest of the Commonwealth, for any of the following purposes:\n(a) To acquire real estate for state governmental use;\n(b) To pay all or any part of the expense or cost of or incidental to a building\nproject for state governmental use;\n(c) To defray the cost of plans, specifications, blueprints, architectural fees, and\nother expenses authorized to be incurred for state governmental use.\n(2) The payment of bonds issued, together with the interest thereon, may be secured by\na pledge and a first lien on all of the receipts and revenue derived, or to be derived,\nfrom the rental or oper ation of the property involved. Neither the payment of any\nbond, nor the interest thereon issued under the authority of this chapter, shall\nconstitute an indebtedness of the Commonwealth of Kentucky, nor shall any bond\nor interest thereon be payable out of  any fund except funds derived from rentals or\nother revenues derived from the operation of the properties or from revenues as are\navailable for the purpose by law.\n(3) All competitive bids for the sale of revenue bonds shall be opened and read publicly\nby the secretary of the Finance and Administration Cabinet or the secretary's\nrepresentative at a designated place, day, and hour, all of which shall be indicated in\nthe notice made relative thereto.\n(4) If the commission issues and sells bonds for a buildin g project as authorized by this\nchapter, insurance, including fire and windstorm, casualty, catastrophe, use and\noccupancy, and such other insurance as the commission may deem advisable, shall\nbe carried in connection with the building project, and it may so obligate and bind\nitself in a trust indenture securing the payment of the bonds. Any insurance shall be\npaid for out of funds available for the project.\n(5) The commission may invest proceeds from the sale of its revenue or other\nauthorized bonds in fin ancial instruments and investments as provided in KRS\n42.500 for the State Investment Commission.","path":["KRS Chapter 56"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22654","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:11Z","sha256":"17073f028784ead6c5021bf14ccacfdb9250774ee9cf6f7b8a5b71d3666aa277","source_id":"us-ky","stale":false,"prev":"us-ky/krs-56.515","next":"us-ky/krs-56.523"},"notice":"GroundRules: Original legal text. Not legal advice."}