{"data":{"id":"us-ky/krs-80.230","jurisdiction":"us-ky","citation":"KRS 80.230","heading":"Issuance of bonds by city authorities.","body":"(1) Cities of all classes may provide funds for carrying out the purposes of this chapter\nby the issuance of revenue bonds pursuant to a resolution of the housing authority.\nThe bonds or other obligations of a housing authority shall not constitute an\nobligation of the city. The bonds shall be payable only out of the properties,\nrevenues, and assets of the housing authority. Nothing contained in this section shall\nauthorize or permit any city to incur any indebtedness of any kind or nature\nprohibited by the Constitution. Subject to the restrictions set forth in this chapter, a\ncity housing authority may incur any indebtedness and issue any obligations and\ngive any security which it deems necessary or advisable in connection with any\nproject undertaken by it. A city housing authority may issue its bonds to provide for\nthe payment of its indebtedness from time to time in amounts, with maturities, upon\nthe terms and conditions and upon the security as the authority deems necessary or\nadvisable in connection with any  project undertaken or to be undertaken by it. The\nbonds shall be signed by the chairman of the authority or other agent designated by\nthe authority and by the mayor or by the presiding officer of the legislative body of\nthe city under the city's seal, attested by a finance officer of the city.\n(2) A city housing authority may in connection with the borrowing of funds or\notherwise enter into agreements with the federal government providing for\nsupervision and control of the housing authority or any project and containing other\ncovenants, terms, and conditions as the housing authority deems advisable. In\nconnection with any loan by a government, a city housing authority is authorized to\nagree to limitations upon the exercise of any of its powers.\n(3) Bonds issued pursuant to this section shall have, in the hands of a bona fide holder,\nall of the qualities of negotiable instruments. They shall be exempt from taxation by\nthe state and its political subdivisions. It shall be plainly stated on the face of each\nbond that it has been issued under the provisions of this chapter and that it does not\nconstitute an indebtedness of the city within the meaning of any constitutional\nprovisions or limitations. In case any provisions are made for the redemption or\nprepayment of any bonds before maturity, the provisions shall require that the bonds\nto be redeemed or prepaid shall be selected by lot from the whole number of the\nissue then outstanding. The bonds may be issued without any other proceedings or\nconditions than those  proceedings and conditions specified and required by this\nchapter or by the Constitution.","path":["KRS Chapter 80"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=24832","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:40Z","sha256":"741f4f1faa442b668a5a0b2b230c672566a20558d8bbc02f5f70bde0bd55e069","source_id":"us-ky","stale":false,"prev":"us-ky/krs-80.220","next":"us-ky/krs-80.240"},"notice":"GroundRules: Original legal text. Not legal advice."}