{"data":{"id":"us-ky/krs-65.7711","jurisdiction":"us-ky","citation":"KRS 65.7711","heading":"Notes to be secured by pledge, lien, and charge -- Sinking fund or note","body":"retirement fund.\nNotes issued in a single fiscal year, shall be equally and ratably secured by the pledge of,\nsecurity interest in, and a lien and charge on, the taxes or revenues , or both, of the\ngovernmental agency specified in the authorizing legislation which are in the process of\ncollection and are to be received during the period when the notes will be outstanding.\nThe pledge, lien, and charge shall be fully perfected as agai nst the governmental agency,\nall creditors, and all third parties in accordance with the terms of the legislation from and\nafter the delivery of the notes until the notes are paid in full. The legislation may establish\none (1) or more sinking funds or note  retirement funds and provide for periodic or other\ndeposits therein, and may contain such covenants or other provisions as the governmental\nagency shall determine. In every case, the taxes and revenues pledged shall be those taxes\nand revenues which are t he subject of appropriation for the current fiscal year. The\nholders or owners of notes may be given the right to have the notes continually secured by\nthe faith and credit of the governmental agency, and each note shall bear on its face a\nstatement to that effect and to the effect that the right of payment on the note is limited to\nthe taxes or revenues pledged under the legislation of the governmental agency\nauthorizing the notes.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23518","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:22Z","sha256":"38c9a55ef948cfc80de5d6bb0c083f76f4339c6d3f1a70cbd6b9ee1a31718173","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.7709","next":"us-ky/krs-65.7713"},"notice":"GroundRules: Original legal text. Not legal advice."}