{"data":{"id":"us-ky/krs-67a.810","jurisdiction":"us-ky","citation":"KRS 67A.810","heading":"Procedure where no bids received on offered bonds.","body":"If the urban -county government shall adopt the Third Ordinance, herein referred to, and\nshall publicly solicit the submission of bids or proposals for the purchasing of its\n\"improvement assessment bonds\" for the project identified therein, and shall fail t o\nreceive a bid upon terms of price and/or interest coupon rate, or rates, conforming to the\npublished notice and acceptable to the governing body, the bonds, or a portion thereof,\nmay be awarded to the contractor, or contractors, at a price of not less th an the minimum\nprice permitted by the said published notice, and bearing one (1) or more interest coupon\nrates not exceeding the rate, or rates, permitted in the said published notice but only upon\nthe following conditions:\n(1) The entire bond issue autho rized by the Third Ordinance may be awarded to the\ncontractor, or contractors, if it or they shall submit to, and obtain formal approval\nby, the governing body of the urban -county government, of a written undertaking\n(approval as to form and substance by t he government's duly designated legal\ncounsel):\n(a) Agreeing to accept in full an agreed payment of the amount, or the aggregate\nof the amounts, of their respective contracts, bonds as authorized by the Third\nOrdinance equal in principal amount (or as near thereto as may be practicable)\nto the amount, or the aggregate of the amounts of their contracts (in which\nevent such bonds shall be the latest maturing and highest numbered of the\nbonds authorized by the Third Ordinance), and\n(b) Agreeing to pay to the  urban-county government, in cash, the purchase price\nof the bonds to the extent that the same exceeds the aggregate amount of the\ncontracts of the contractor, or contractors, who are signatories of such written\ninstrument; or\n(2) Bonds equal to the amoun t, or amounts, of the contracts of the contractor, or\ncontractors, who are signatories of a written instrument agreeing to accept the same\nin payment thereof, approved as to form and substance by the urban -county\ngovernment's properly designated legal counsel, may be awarded to such contractor,\nor contractors, in the event the urban -county government is able to, and does,\n(within constitutional restrictions) appropriate from available funds a sum in cash\nsufficient to defray all costs of the project, as def ined in KRS 67A.710 to 67A.825,\nin excess of the amount of such construction contract, or the aggregate of the\nseveral contracts. In such event, the sum so appropriated by the governing body of\nthe urban-county government shall be applied to the payment of such costs;\n(3) In the event of procedure as set forth in either subsection (1) or (2) of this section,\nthe bonds awarded to the contractor, or contractors (other than those paid for in cash\nas set forth in the foregoing subsection (1)), shall be placed by the urban -county\ngovernment, in escrow, with a responsible financial institution, with written\ninstructions that the same may be released to the contractor, or contractors, from\ntime to time, but in principal amount not exceeding seventy -five percent (7 5%) of\nthe amount certified in writing by the engineer, or engineers, to the said escrow\nagent, and the urban -county government, to have been theretofore earned by and\npayable to the identified contractor, or contractors, under the terms and conditions\nof their respective contracts. Upon final approval and acceptance of the project by\nthe governing body, the reserved twenty -five percent (25%) of such bonds may be\nreleased and delivered to such contractor, or contractors.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23942","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"2e50018c42e9a284c5a13257a209f6c77ace8c23ec705bb2349e7870f309429d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.805","next":"us-ky/krs-67a.815"},"notice":"GroundRules: Original legal text. Not legal advice."}