{"data":{"id":"us-ky/krs-66.161","jurisdiction":"us-ky","citation":"KRS 66.161","heading":"Issuing bonds or obligations to fund or refund outstanding bonds.","body":"(1) Upon the determination of the governing body that the issuance will be in the\nissuer's best interest, the issuer may:\n(a) Issue bonds to fund or refund any outstanding bonds or obligations previously\nissued. Any bonds issued pursuant to this subsection sha ll mature as\ndetermined by the governing body consistent with KRS 66.091, but their\nmaturity shall not be later than the date that would have been permitted by\nKRS 66.091, as if the original bonds or obligations had been issued under the\nprovisions of this chapter; and\n(b) Issue obligations, if authorized by other law, to fund or refund any outstanding\nbonds previously issued under this chapter.\n(2) Bonds may be issued pursuant to this section to fund or refund all or any portion of\nthe outstanding bonds, w hether or not the bonds to be funded or refunded were\nissued subject to call or redemption prior to maturity, or are the original bonds, or\nare themselves refunding bonds.\n(3) Moneys derived from the proceeds of bonds issued pursuant to this section to fun d\nor refund bonds shall, to the extent required by the legislation or proceedings, be\nplaced in an escrow fund, which may be in the sinking fund, and pledged for the\npurpose of funding or refunding the refunded bonds and shall be used, together with\nany other available funds as provided in this section, for that purpose. When the\nissuer has placed in escrow moneys derived from proceeds of refunding bonds or\nobligations or otherwise, or investments, or a combination of both, determined to be\nsufficient, with  the interest or other investment income accruing on those\ninvestments, for the payment of debt charges on the refunded bonds, the refunded\nbonds shall no longer be considered to be outstanding, shall not be considered for\npurposes of determining any limitation, direct or indirect, on the net indebtedness of\nthe issuer, and the levy of taxes or other charges for the payment of debt charges on\nthe refunded bonds under this chapter.\n(4) The authority granted by this section is in addition to and not a limitat ion on any\nother authorizations granted by or pursuant to law for the same or similar purposes.","path":["KRS Chapter 66"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23595","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:24Z","sha256":"ce331b392325f9162c5f141fd29e8b1064701e45aff361e8df07291bbae9b98c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-66.160","next":"us-ky/krs-66.170"},"notice":"GroundRules: Original legal text. Not legal advice."}