{"data":{"id":"us-ky/krs-67.550","jurisdiction":"us-ky","citation":"KRS 67.550","heading":"General obligation bonds, deed of trust authorized -- Effect -- Intent.","body":"(1) Notwithstanding any of the other provisions of KRS 67.450 to 67.550, the county\nbuildings commission may, by declaring its desire to do so, provide, in addition to\nall of the other provisions authorized in KRS 67.450 to 67.550 in connection with\nthe issuance of its bonds, that such bonds shall be its general obligations and may,\nin connection with the issuance of its bonds, execute a mortgage deed of trust in\nfavor of a trustee, providing that in the event of default by the commission in the\npayment of interest or principal of its bonds or in the event of default of any other\ncovenant contained in such mortgage deed of trust the trustee, upon behalf of the\nbondholders, may institute and carry through foreclosure proceedings, with the\nproperty secured by the mortgage deed of trust put up for sale on foreclosure\nproceedings, the proceeds of such sale to be used for the benefit of the bondholders.\nIn connection with such plan of financing, such provisions may be inserted in the\nbonds themselves and in the mortga ge deed of trust as may be necessary to protect\nthe bondholders and in order to make such bonds salable with the lowest net interest\ncost to the commission. If the county buildings commission declares its intent by\nresolution to follow the provisions of th is section, and in order to do so it is\nnecessarily inconsistent that the provisions of any other section of KRS 67.450 to\n67.550 be complied with, such other provisions of KRS 67.450 to 67.550 which are\nnecessarily inconsistent with the provisions of this  section shall not be complied\nwith to the extent but only to the extent of such necessary inconsistency. If general\nobligations of the county buildings commission are issued pursuant to the\nprovisions of this section, such obligations shall be general obl igations only of the\ncounty buildings commission as a public corporation and shall not be general\nobligations of the individual members of such county buildings commission to any\nextent.\n(2) It is the intent of this section to permit the county buildings commission, if it desires\nto do so, to issue obligations under this section which may also be secured in the\nsame way that obligations issued under the provisions of other sections of KRS\n67.450 to 67.550 are secured, to the full extent that this may be done consistent with\nthe provisions of this section.","path":["KRS Chapter 67"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23759","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:26Z","sha256":"f70e0eb44fa73deff161afb26d7e4e2193b2feacfdd57dc03650a78f11a61143","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67.545","next":"us-ky/krs-67.555"},"notice":"GroundRules: Original legal text. Not legal advice."}