{"data":{"id":"us-ky/krs-67a.922","jurisdiction":"us-ky","citation":"KRS 67A.922","heading":"Power to issue bonds.","body":"(1) A parking authority shall have power to issue bonds from time to time under this\nchapter.  An authority shall also have power to issue refunding bonds for the\npurpose of paying or retiring bonds previously issued by it.  An authority may issue\nbonds on which the principal and interest are payable:\n(a) Exclusively from the income and revenues of the project or projects financed\nfrom the proceeds of such bonds; or\n(b) Exclusively from such income and revenues together with grants and\ncontributions from the fe deral, state, or urban -county government, or other\nsources.  Any such bonds may be additionally secured by a mortgage, deed of\ntrust, or other lien or encumbrance on the property, including pledges of tax\nincrements as allowed by law in the project or proj ects financed from the\nproceeds of such bonds.\n(2) Neither the members of the board of commissioners of an authority nor any person\nexecuting the bonds shall be liable personally on the bonds by reason of the\nissuance thereof.  The bonds and other obligati ons of an authority shall so state on\ntheir face that such bonds and obligations issued under this section shall not be a\ndebt of the urban -county government, state or any political subdivision thereof,\nwithin the meaning of any constitutional or statutory  debt limitation or restriction\nand neither the urban-county government, state nor any political subdivision thereof\nshall be liable thereon, nor, in any event, shall such bonds or obligations be payable\nout of any funds or properties other than those of s aid authority, except as provided\nby contract.\n(3) Bonds of an authority shall be authorized by resolution of its board of\ncommissioners.  Such bonds may be issued in one or more series, each of which\nmay be separately secured, and shall bear such date or dates, mature at such time or\ntimes, bear interest at such rate or rates, be in such denomination or denominations,\nbe in such form either coupon or registered, carry such conversion  or registration\nprivileges, have such rank or priority, be executed in s uch manner, be payable in\nsuch medium of payment, at such place or places, and be subject to such terms of\nredemption, with or without premium, as such resolution, its trust indenture or\nmortgage may provide.\n(4) The bonds may be sold at less than par, and  shall be sold at public sale held after\nnotice has been given by publication pursuant to KRS Chapter 424, except that\npayment for any portion of a project may be made in bonds, provided, however,\nthat:  (a) any such transaction shall be approved by the price advisory council before\nits consummation;  (b) such exchange is valid and legal pursuant to regulations of\nthe Internal Revenue Service.\n(5) The bonds may be sold with provision that they bear no interest, or only nominal\ninterest, for a period of year s, after which they may bear greater interest; and\nprovision may be made for the capitalization of interest for periods not in excess of\nfive (5) years.  More than one (1) project may be established within the same project\narea, and each such project may b e financed with a different issue or bonds with\ndiffering security.  Each of said bond issues may be designed to meet standards\nrequired under federal statutes or regulations pertaining to the issuance of tax -\nexempt bonds; provided, however, that nothing h erein shall be deemed to prohibit\nthe issuance of any series of bonds, the interest on which may not be exempt from\nfederal income tax.\n(6) In case any of the members or officers of the authority whose signatures appear on\nany bonds, coupons, notes or othe r obligations shall cease to be such members or\nofficers before the delivery of such bonds, coupons, notes or other obligations, such\nsignatures shall, nevertheless, be valid and sufficient for all purposes, the same as if\nthey had remained in office until  such delivery.  Any provision of any law to the\ncontrary notwithstanding, any bonds, coupons, notes or other obligations issued\npursuant to this chapter shall be fully negotiable except as limited by their terms.\n(7) In any suit, action or proceedings inv olving the validity or enforceability of any\nbonds of an authority or the security therefor, any such bonds reciting in substance\nthat they have been issued by the agency to aid in financing a project shall be\nconclusively deemed to have been issued for a project and said project shall be\nconclusively deemed to have been planned, approved, located, and carried out in\naccordance with the purposes and provisions of KRS 67A.910 to 67A.928.\n(8) In connection with the issuance of bonds, an authority in addition to its other\npowers, shall have the power:\n(a) To pledge all or any part of its gross or net revenue to which its right then\nexists or may thereafter come into existence;\n(b) To encumber, by mortgage, deed of trust, or otherwise, all or any part of its\nreal or personal property;\n(c) To covenant against pledging all or any part of its revenues, or against\nencumbering all or any part of its real or personal property to which its right\nor title then exists or may thereafter come into existence or against permi tting\nor suffering any lien on such revenues or property; to covenant with respect to\nits sale, leasing, or other disposition of any project or any part thereof; and to\ncovenant as to what other, or additional debts or obligations may be incurred\nby it;\n(d) To covenant as to the bonds to be issued and as to the issuance of such bonds\nin escrow or otherwise, and as to the use and disposition of the proceeds\nthereof; to provide for the replacement of lost, destroyed or mutilated bonds,\nto covenant against extending the time for the payment of its bonds or interest\nthereon; and to redeem the bonds, and to covenant for their redemption and to\nprovide the terms and conditions thereof;\n(e) To covenant as to the amounts to be charged in the sale or lease of properties\nin a project or projects the amount to be raised from revenue each year or\nother period of time and as to the use and disposition to be thereof; to create\nor to authorize the cr eation of special funds for moneys held for development\nor other costs, debt service, reserves, or other purposes, and to covenant as to\nthe use and disposition of the money held in such funds;\n(f) To prescribe the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders\nof which must consent thereto and the manner in which such consent may be\ngiven.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23984","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:29Z","sha256":"dc2b32ef606649f1faf7293236dd4a62ab6462bd659ad2416df74bf008afa4e2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.921","next":"us-ky/krs-67a.924"},"notice":"GroundRules: Original legal text. Not legal advice."}