{"data":{"id":"us-ky/krs-66.111","jurisdiction":"us-ky","citation":"KRS 66.111","heading":"Tax levy and budget appropriation to pay bond debt charges.","body":"(1) After the issuance of bonds, the issuer shall levy a tax in a sufficient amount and\nappropriate in its annual budget, together with any other moneys available to the\nissuer, an amount of funds sufficient to pay the debt charges on the bonds.\n(2) If the iss uer determines it to be necessary or appropriate, and if not prohibited by\nother law, proceedings relating to the bonds may contain or provide for any one (1)\nor more or combination of the following:\n(a) The pledge to the payment of debt charges and relate d covenants to levy,\ncharge, collect, deposit, and apply, receipts of the issuer, referred to in this\nsubsection as pledged receipts, including, without limitation, ad valorem\nproperty taxes as permitted by law; occupational license fees; insurance\npremium taxes; excises, utility and service revenues; and any other receipts\nfrom taxes, excises, permits, licenses, fines, or other sources of revenue of, or\nof revenue distributions to, the issuer; and covenants for the establishment,\ninvestment, segregation, a nd maintenance of any funds or reserves in\nconnection with the bonds. No pledge or covenant may be made that impairs\nthe express contract rights of the holders of outstanding bonds of the issuer.\n(b) Covenants of the issuer and other provisions to protect and safeguard the\nsecurity and rights of the holders of the bonds and of the providers of any\ncredit enhancement facilities and provisions for defeasance.\n(c) Rights and remedies of the holders of bonds, in addition to any other rights\nand remedies under law, but subject to the terms of the proceedings and of any\ncredit enhancement facility.\n(d) The costs of or payments under credit enhancement facilities may be paid\nfrom any moneys of the issuer. The credit enhancement facility may be for the\nbenefit of holders of the particular bonds and of any other bonds of the issuer.\n(3) Moneys and investments held by the issuer or on behalf of the issuer, and all\nreceipts of the issuer, needed and allocated to payment of debt charges or payments\nby the issuer under cr edit enhancement facilities, are property of the issuer devoted\nto essential governmental purposes, and, accordingly shall not be applied to any\npurpose other than as provided in this chapter and in the legislation authorizing the\nbonds, and shall not be s ubject to any order, judgment, lien, execution, attachment,\nset-off, or counterclaim by any creditor or judgment creditor, as a result of a tort\njudgment or otherwise, against the issuer other than the holders of the bonds or the\nprovider of the credit enh ancement facility who are entitled thereto pursuant to this\nchapter and the legislation or proceedings.","path":["KRS Chapter 66"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23585","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:24Z","sha256":"a1d9bca332519a2cad502e2f07c2b10678e325ea153f26f288e0ba1ce9e7cbf4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-66.110","next":"us-ky/krs-66.120"},"notice":"GroundRules: Original legal text. Not legal advice."}