{"data":{"id":"us-ky/krs-74.290","jurisdiction":"us-ky","citation":"KRS 74.290","heading":"Issuance of bonds for additions.","body":"(1) For the purpose of defraying the cost of constructing or acquiring any additions,\nextensions, and necessary appurtenances under KRS 74.280, the water district may\nborrow money and issue negotiable bonds. Before any bonds are issued an\nordinance shall be en acted by the commission specifying the amount of the bonds\nand the rate of interest they are to bear, and reciting that the proposed additions,\nextensions, or necessary appurtenances that are to be constructed or acquired are to\nbe made pursuant to the provisions of KRS 74.280 to 74.310.\n(2) All bonds issued under this section shall bear interest at a rate or rates or method of\ndetermining rates payable at least annually, and shall be executed in a manner, and\nbe payable at times not exceeding fifty (50) ye ars from the date of issue, and at a\nplace, as the commission shall determine.\n(3) All bonds shall be negotiable and shall not be subject to taxation. If any officer\nwhose signature or countersignature appears on the bonds or coupons ceases to be\nan office r before delivery of the bonds, his signature or countersignature shall\nnevertheless be valid the same as if he had remained in office until delivery. The\nbonds shall be sold in a manner as the commission shall deem for the best interest\nof the water district, or the contract for the acquisition of any additions, extensions,\nand appurtenances to the waterworks may provide that payment shall be made in\nbonds. The bonds shall be payable solely from the revenues of the waterworks and\nshall not constitute an in debtedness of the water district within the meaning of the\nConstitution. It shall be plainly stated on the face of each bond that it has been\nissued under the provisions of KRS 74.280 to 74.310 and that it does not constitute\nan indebtedness of the water district within the meaning of the Constitution.\n(4) If the commission finds that the bonds authorized will be insufficient to accomplish\nthe purpose desired, additional bonds may be authorized and issued subject to the\nlimitations prescribed for the original bonds.","path":["KRS Chapter 74"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=24395","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:34Z","sha256":"8670bb0272dc0b9a1a4aeca85567d63c743dfc1d8729e7cbca782d2075781092","source_id":"us-ky","stale":false,"prev":"us-ky/krs-74.280","next":"us-ky/krs-74.300"},"notice":"GroundRules: Original legal text. Not legal advice."}