{"data":{"id":"us-ky/krs-65.270","jurisdiction":"us-ky","citation":"KRS 65.270","heading":"Revenue bonds.","body":"(1) Whenever any two (2) or more public agencies, as defined in KRS 65.230, enter\ninto an agreement for joint or cooperative action pursuant to the provisions of KRS\n65.210 to 65.300, any public agency acting separately or jointly with one (1) or\nmore of any o ther public agencies, may acquire, construct, maintain, add to, and\nimprove the necessary property, real and personal, which is required in order to\nperform the functions under the agreement, and for the purpose of defraying the\ncosts incident to the perfo rmance of the agreement, may borrow money and issue\nnegotiable revenue bonds.\n(2) Any public agency or agencies may borrow money and issue bonds under this\nsection pursuant to an order, resolution, or ordinance of its or their legislative or\nadministrative body or bodies, which order, resolution, or ordinance shall set forth\nthe terms of the agreement in full, the amount of the revenue bonds to be issued,\nand the maximum rate of interest. In every instance the order, resolution, or\nordinance shall provide t hat the joint or cooperative action is being undertaken\npursuant to the provisions of KRS 65.210 to 65.300.\n(3) The bonds may be issued to bear interest at a rate or rates or method of determining\nrates as the public agency or agencies determines, payable at the times and at a place\nor places as the public agency or agencies determines.\n(4) The bonds may provide that they or any of them may be called for redemption prior\nto maturity.\n(5) Any public agency is empowered to accept donations or gifts to the joi nt or\ncooperative action from any source and to accept appropriations and grants to the\njoint or cooperative action from the federal government or its agencies and\nappropriations from the state or any county, city, or other political subdivision and,\nat th e option of the public agency or agencies, to pledge any donations, gifts, or\nappropriations to the payment of revenue bonds issued to finance the cost of a joint\nor cooperative action.\n(6) Bonds issued pursuant to this section shall be negotiable and shal l not be subject to\ntaxation. If any officer whose signature or countersignature appears on the bonds or\ncoupons ceases to be an officer before delivery of the bonds, his signature or\ncountersignature shall be valid and sufficient for all purposes the same  as if he had\nremained in office until delivery. The bonds shall be sold in a manner and upon\nterms as the public agency or agencies deem best. The bonds shall be payable solely\nfrom the revenue derived from the joint or cooperative action and shall not\nconstitute an indebtedness of the state, county, city, or political subdivision. It shall\nbe plainly stated on the face of each bond that it has been issued under the\nprovisions of KRS 65.210 to 65.300.\n(7) All money received from the bonds shall be applied solely for the acquisition,\nconstruction, maintenance, improvement, or operation of the joint or cooperative\naction, and the necessary expense of preparing, printing, and selling the bonds, or to\nadvance the payment of interest on the bonds during the firs t three (3) years\nfollowing the date of the issuance of the bonds.\n(8) The rents, royalties, fees, rates, and charges for the service or sale of the joint or\ncooperative action shall be fixed and revised from time to time so as to be sufficient\nto provide for the payment of interest upon all bonds and to create a sinking fund to\npay the principal of the bonds when due, and to provide for the operation and\nmaintenance of the joint or cooperative action and an adequate depreciation\naccount.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50381","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"702af3ce64dc1872c07b6e02e6bf312e4addbb433c7c804356e6d992569ff96c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.260","next":"us-ky/krs-65.280"},"notice":"GroundRules: Original legal text. Not legal advice."}