{"data":{"id":"us-ky/krs-66.527","jurisdiction":"us-ky","citation":"KRS 66.527","heading":"Indebtedness of board, how secured -- Refunding of obligations --","body":"Negotiability.\n(1) The board may incur indebtedness, buy, lease, rent, sell, operate, manage, accept\ngifts and grants, and do anything else necessary or proper to obtain for the county in\naccordance with the board's plan the public improvements described therein. To\nsecure its obligations the board may pledge its assets subject to any prior pledges or\ncharges against them. The board may incur indebtedness the security for the\npayment of w hich is a special fund rather than the unencumbered assets of the\nboard. The board may pledge its expected receipts from one or more sources to\nsecure payment of its various debts and obligations. The board may make such\ncovenants and agreements with its creditors as may be necessary or proper to reduce\nthe cost to the board of the indebtedness. Those covenants or agreements may\ninclude arrangements for the operation of public improvements by trustees for the\nbenefit of creditors in the event of a default b y the board in the timely payment of\nindebtedness.\n(2) In addition to any method of refunding established by covenants in the board's\nobligations, the board may for any indebtedness refund it in advance of its maturity\nby borrowing against the same security as pledged for the original indebtedness and\nsubstituting as security for the original indebtedness general obligations of the\nUnited States or its agencies if (a) the principal and interest of the obligations of the\nUnited States (or its agencies) are payable in time and sufficient in amount to defray\nseasonably and fully the board's outstanding obligation on the original indebtedness,\nand (b) the net annual interest cost of the indebtedness to the board will be reduced.\n(3) Obligations of the board ma y be made negotiable. Except as otherwise provided\nherein, the board's obligations shall be in the form established by KRS 58.010 to\n58.140.","path":["KRS Chapter 66"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23636","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:24Z","sha256":"376649dff9b56bfcd2b8c5f1a09a95c0e41b8890fc0849c3f80edb63d586d6b5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-66.523","next":"us-ky/krs-66.530"},"notice":"GroundRules: Original legal text. Not legal advice."}