{"data":{"id":"us-ky/krs-76.150","jurisdiction":"us-ky","citation":"KRS 76.150","heading":"District revenue bonds.","body":"(1) Subsections (2) through (4) have no application to construction subdistrict bonds or\nobligations. All references to revenues, rates, rentals, charges, or collections in\nsubsections (2) and (3) exclude those derived from or made on account of\nconstruction s ubdistricts. District facilities referred to in subsections (2) and (3)\nexclude construction subdistrict facilities.\n(2) The district may, from time to time, issue its negotiable interest -bearing revenue\nbonds for any of its corporate purposes, and it may also, from time to time, issue its\nnegotiable interest-bearing revenue bonds to refund any of its bonds at maturity or\npursuant to redemption provisions, or at any time before maturity with the consent\nof the holders. All the bonds, including interest, are payable solely from and secured\nonly by revenues of the district realized through the collection of rates, rentals, or\nother charges, imposed for use of the facilities of the district. The bonds shall be\nauthorized by resolution of the board and shall bea r the dates, mature at the times\nnot exceeding forty (40) years from their respective dates, bear interest at the rate or\nrates or method of determining rates, payable at least annually, be in the\ndenominations and form, either coupon or registered, carry the registration\nprivileges, be executed in the manner, be payable in the medium of payment at the\nplace, and be subject to the terms of redemption, with or without premium, as the\nresolutions provide; except that before the issuance of bonds for any proje ct within\nthe corporate limits of any city forming a district pursuant to KRS 76.010, the\nissuance of bonds shall first be authorized by ordinance passed by the legislative\nbody of the city and approved by the mayor of the city. The bonds shall be sold at\npublic sale for the price as the board determines.\n(3) Any resolution authorizing any bonds may contain provisions, which shall be a part\nof the contract with the holders of the bonds, as to:\n(a) Pledging all or any part of the gross or net revenues of the district to secure the\npayment of the bonds and interest on the bonds;\n(b) The amounts to be raised in each year by rates, rentals, and charges, and their\nuse and disposition, and of any other revenues of the district;\n(c) The setting aside of reserves or  sinking funds and their regulation and\ndisposition;\n(d) Limitations on the right of the district to restrict and regulate the use of its\nfacilities;\n(e) Limitations on the purposes to which the proceeds of sale of any issue of\nbonds to be issued may be applied;\n(f) Limitations on the issuance of additional bonds; and\n(g) The procedure, if any, by which the term of any contract with bondholders\nmay be amended or abrogated, the amount of bonds the holders of which must\nconsent, and the manner in which the consent may be given.\n(4) The bonds or other obligations of the district shall not constitute an obligation or\nindebtedness of the city or of the county and it shall be plainly stated on the face of\neach bond of the district that it has been issued under the  provisions of KRS 76.010\nto 76.210, and that it does not constitute an indebtedness of the city or of the county.\nAll bonds authorized may be issued without a vote of the voters and without any\nother proceedings or happenings of any other conditions or th ings than those\nproceedings, conditions and things which are specified and required by KRS 76.010\nto 76.210. The bonds shall be signed in the name of the district by the chairman or\nvice chairman of the board, attested by the signature of the secretary -treasurer, with\ncorporate seal of the district attached.","path":["KRS Chapter 76"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43635","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:35Z","sha256":"9894db9c3e11c3f91be8ab6d6bdbd1fdfdf5e13c55e4a011a2d7917efb549dff","source_id":"us-ky","stale":false,"prev":"us-ky/krs-76.140","next":"us-ky/krs-76.160"},"notice":"GroundRules: Original legal text. Not legal advice."}