{"data":{"id":"us-ky/krs-65.7059","jurisdiction":"us-ky","citation":"KRS 65.7059","heading":"Issuance of increment bonds by local governments.","body":"Any city, county, or agency with bonding authority may issue increment bonds and may\npledge incremental revenues to the payment of the increment bonds.\n(1) Increment bonds shall be issued, administered, and regulated by ordinance adopted\nby the governing body which shall:\n(a) Declare the necessity of the incremental bond issue;\n(b) State the principal amount or maximum principal amount of the increment\nbonds to be issued;\n(c) State the purpose of the increment bond issue;\n(d) State or provide for the date o f, and the dates and amounts or maximum\namount of, maturities or principal payments on the increment bonds;\n(e) State any provisions for a special fund, mandatory sinking fund, mandatory\nsinking fund redemption, or for redemption prior to maturity;\n(f) Provide for the rate or rates of interest, or maximum rate or rates of interest, or\nthe method for establishing the rate or rates of interest to be paid on the\nincrement bonds;\n(g) State any provision for a designated officer of the issuer to determine any of\nthe specific terms required to be stated or provided for in this subsection,\nsubject to any limitations stated in the proceedings;\n(h) If the increment bonds are payable solely from incremental revenues, include\na determination that the incremental revenu es are adequate to make the debt\ncharges so long as the increment bonds are outstanding; and\n(i) Include any other provisions deemed appropriate by the governing body.\n(2) Increment bonds issued pursuant to this section shall not mature on a date beyond\nthe termination date of the development area or local development area.\n(3) Increment bonds may also be issued to fund or refund all or any portion of\noutstanding increment bonds. Any increment bonds issued under this section shall\nmature as determined by the governing body consistent with the termination date.\n(4) The provisions of KRS 66.021, 66.031, 66.041, 66.045, 66.071, 66.091, 66.121,\n66.131, 66.141, 66.151, 66.171, 66.181, and 66.191 shall apply to the issuance of\nincrement bonds insofar as they do not conflict with the provisions of KRS 65.7041\nto 65.7083. I f they do conflict, the provisions of KRS 65.7041 to 65.7083 shall\napply.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23479","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:22Z","sha256":"a5e156658c6f9c16a2f9d8ca093cea07e16c01557a54b41c0197254158290b14","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.7057","next":"us-ky/krs-65.7061"},"notice":"GroundRules: Original legal text. Not legal advice."}