{"data":{"id":"us-ky/krs-76.254","jurisdiction":"us-ky","citation":"KRS 76.254","heading":"Revenue bonds of construction subdistrict -- Procedure -- Contents.","body":"(1) The district is authorized and empowered to issue negotiable, interest -bearing,\nconstruction subdistrict bonds which shall not be an obligation of the district;\nconstruction subdistrict revenue bonds shall be secured solely by the revenue\npledged by KRS 76 .262 and by moneys, if any, in the construction subdistrict\nreserve fund authorized by KRS 76.262. Construction subdistrict bonds can be\nissued to obtain funds for the building, installation, or acquisition of construction\nsubdistrict facilities or for ref unding construction subdistrict bonds of the same\nconstruction subdistrict. Notwithstanding the foregoing two sentences, construction\nsubdistrict bonds can be served by assessments.\n(2) Construction subdistrict bonds shall be authorized by resolution of th e board, shall\nbear a date or dates, shall mature at a time or times, not exceeding forty (40) years\nfrom their respective dates, bear interest at a rate or rates or method of determining\nrates, payable at least annually, be in a form, wholly registered, r egistered as to\nprincipal with bearer coupon, or bearer with coupon, carry registration privileges, be\nexecuted in a manner, be payable in a manner, be payable in a medium of payment\nat a place or places, and be subject to the terms of redemption, with or without\npremium, as the resolution or resolutions may require. Construction subdistrict\nbonds shall be sold at public sale for the price or prices as the board determines.\n(3) Any resolution or resolutions authorizing any bonds pursuant to this section may\ncontain provisions, which shall be a part of the contract with the holders of the\nbonds, concerning\n(a) A pledge of or a security interest in the revenue derived from the construction\nsubdistrict;\n(b) The amounts to be raised in each year by rates, rental s, and charges, and their\nuse and disposition;\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 the\nsubdistrict facilities;\n(e) Limitations on the purposes to which the proceeds of sale of any issue of\nbonds to be issued with respect to the same construction subdistrict may be\napplied;\n(f) Limitations on the issuance of additional bonds for the same construction\nsubdistrict; and\n(g) The p rocedure, if any, by which the term of any contract with bondholders\nmay be amended or be abrogated, the amount of the bonds the holders of\nwhich must give consent, and the manner in which the consent may be given.\n(4) Construction subdistrict bonds shall not constitute an obligation or indebtedness of\nthe district or of any city or county, and it shall be stated plainly on the face of each\nconstruction subdistrict bond that it has been issued under the provisions of KRS\n76.005 to 76.295 and that it does no t constitute an obligation or indebtedness of the\ndistrict or any city or county. All construction subdistrict bonds issued may be\nissued without any other proceedings or happenings of any other condition or things\nthan those proceedings, conditions, and t hings which are specified and required by\nKRS 76.005 to 76.295. Construction subdistrict bonds shall be signed in the name\nof the district by the chairman or vice chairman of the board, attested by the\nsignature of the secretary-treasurer, with corporate s eal of the district attached. The\nbonds may also be executed pursuant to KRS 61.390.","path":["KRS Chapter 76"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=24519","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:36Z","sha256":"e785af001b320a8c7c2b5774a2efe79eb29ca56af805af016dd79fda321e295c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-76.253","next":"us-ky/krs-76.255"},"notice":"GroundRules: Original legal text. Not legal advice."}