{"data":{"id":"us-ky/krs-58.155","jurisdiction":"us-ky","citation":"KRS 58.155","heading":"Grant anticipation notes.","body":"(1) In the case of any public work or public project, in connection with which the\nCommonwealth of Kentucky, or any department, agency or bureau thereof, or any\npolitical subdivision or governmental unit of the Commonwealth of Kentucky\n(\"governmental agency\") has applied for and received federal grants -in-aid or is\nentitled as a matter of law to receipt of federal grants -in-aid which may be applied\nfor the purpose of providing a portion of or all of the funds required for construction\nand installation of any su ch public work or public project, such governmental\nagency may authorize and issue grant anticipation notes payable from grant\nproceeds when received, and any other assets which may be lawfully pledged by any\nsuch governmental agency and which are so pledged.\n(2) Any grant anticipation notes issued pursuant to authority of this section shall be\nscheduled to mature at such time or times, not to exceed three (3) years from the\ndate of issuance thereof, and shall bear such rate or rates of interest as the governing\nbody of the governmental agency shall determine. Grant anticipation notes may be\nsold at public sale or pursuant to private, negotiated sale at the election of the\ngoverning body of the governmental agency issuing any such grant anticipation\nnotes. I nterest on any such grant anticipation notes may be capitalized in grant\nanticipation note issues for periods not exceeding three (3) years.\n(3) Grant anticipation notes issued pursuant to the authority of this section shall be\npayable as to principal and interest, if interest is capitalized, from the federal grants\nin anticipation of which the grant anticipation notes are authorized and issued, and\nany governmental agency is authorized and empowered to pledge such grant\nproceeds when received, either as so le security for the repayment of grant\nanticipation notes, or together with any other assets and revenues of such\ngovernmental agency which may be lawfully pledged for such repayment.\n(4) Grant anticipation notes issued pursuant to the authority of this se ction are hereby\ndeclared to be issued for public, governmental purposes and the interest derived\nthereon shall be exempt from taxation by the Commonwealth and by all political\nsubdivisions of the Commonwealth. Grant anticipation notes shall also be exempt\nfrom ad valorem taxation by the Commonwealth or any political subdivision\nthereof.","path":["KRS Chapter 58"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22824","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:13Z","sha256":"bd312cd51baa0c54d09f293a7211d1908ad565d35c0d04669c0698cf7fb5a699","source_id":"us-ky","stale":false,"prev":"us-ky/krs-58.150","next":"us-ky/krs-58.170"},"notice":"GroundRules: Original legal text. Not legal advice."}