{"data":{"id":"us-ky/krs-58.040","jurisdiction":"us-ky","citation":"KRS 58.040","heading":"Bonds negotiable and tax -free -- Method of sale -- Payable solely from","body":"revenue.\n(1) Bonds issued pursuant to KRS 58.010 to 58.140 shall be negotiable and shall not be\nsubject to taxation.\n(2) If any officer whose signature or countersignature ap pears on the bonds or coupons\nceases to be an officer before delivery of the bonds, the officer's signature or\ncountersignature shall be valid and sufficient for all purposes as if the officer had\nremained in office until delivery.\n(3) The bonds shall be sold in a manner and upon the terms as the governmental agency\ndetermines and as provided in KRS 424.360. Any contract for the acquisition of a\npublic project may provide that payment shall be made in bonds.\n(4) The bonds shall be payable solely from the re venue derived from the public project\nand shall not constitute an indebtedness of the state, county, city, or political\nsubdivision within the meaning of the Constitution.\n(5) It shall be plainly stated on the face of each bond that the bond has been issue d\nunder the provisions of KRS 58.010 to 58.140 and that the bond does not constitute\nan indebtedness of the governmental agency within the meaning of the Constitution.","path":["KRS Chapter 58"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48653","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:13Z","sha256":"2d806758d59c8ea7f0e84db14d9928dd8ac462dc463d8c31b8304556d1d88125","source_id":"us-ky","stale":false,"prev":"us-ky/krs-58.030","next":"us-ky/krs-58.050"},"notice":"GroundRules: Original legal text. Not legal advice."}