{"data":{"id":"us-ky/krs-96.184","jurisdiction":"us-ky","citation":"KRS 96.184","heading":"Revenue bonds.","body":"(1) The board at any time may issue and sell revenue bonds to finance improvements or\nextensions of the plant, or the board, after the original cost of the property shall\nhave been fully paid and satisfied, may, in its sole discretion, issue, sell, and pledge\nits revenues to secure the payment of revenue bonds the proceeds of which are to be\nused to finance the acquisition, construction, maintenance, improvement, addition\nto, and operation of \"public projects\" as defined in KRS 96.182, or for the purpose\nof pur chasing, paying, retiring, guaranteeing the payment of, or underwriting\nrevenue bonds issued by the city or any agency of the city to finance the acquisition,\nconstruction, maintenance, improvement, addition to, and operation of a public\nproject, and sell refunding bonds for the purpose of providing for the payment of\nany outstanding bonds.\n(2) Bonds issued pursuant to KRS 96.171 to 96.188 may be issued in one or more\nseries, may bear a date or dates, may mature at a time or times, not exceeding forty\n(40) years from their respective dates, may be in a denomination or denominations,\nmay be in a form, either coupon or registered, may carry registration and conversion\nprivileges, may be executed in a manner, may be payable in a medium of payment,\nat a place or  places, may be sold in blocks, may be subject to terms of purchase or\nredemption of all or any of the bonds before maturity in a manner and at a price or\nprices as may be fixed by the board by resolution prior to the sale of the bonds.\n(3) All revenue bonds issued pursuant to the provisions of KRS 96.171 to 96.188 in the\nhands of bona fide holders shall have all the qualities and incidents of negotiable\ninstruments under the law merchant. All bonds shall be sold to the highest\nresponsible bidder at the time and place as fixed by the board in the notice of sale of\nthe bonds, which notice shall have been advertised by publication pursuant to KRS\nChapter 424. The board shall receive written, sealed, competitive bids, which shall\nbe publicly opened and read at the time and place specified in the notice of sale. The\nboard may reject all bids and readvertise.\n(4) No holder or holders of any revenue bonds issued under KRS 96.171 to 96.188 shall\nhave the right to compel any exercise of taxing power of the municipali ty to pay the\nbonds or the interest on the bonds. Each bond issued under KRS 96.171 to 96.188\nshall recite in substance that the bond, including interest on the bonds, is payable\nsolely from the revenues pledged to the payment of the bond, and that the bond does\nnot constitute a debt of the municipality within the meaning of any statutory or\nconstitutional provision or limitation.\n(5) Any holder or holders of bonds issued pursuant to KRS 96.171 to 96.188 shall have\nthe right, in addition to all other rights:\n(a) By action in court, to enforce his or their rights against the board, and any\nother proper officer, agent, or employee, including, but without limitation, the\nright to require the board, and any proper officer, agent, or employee of the\nboard, to fix and collect rates and charges adequate to carry out any agreement\nas to, or pledge of, revenues from the plant, and to require the board and any\nofficer, agent, or employee of the board, to carry out any other covenants or\nagreements and to perform its and their duties under KRS 96.171 to 96.188.\n(b) By action in equity, to enjoin any act or thing which may be unlawful or a\nviolation of the rights of the holder of bonds.\n(6) If there is a default in the payment of the principal or interest of any bonds iss ued\npursuant to KRS 96.171 to 96.188, any court having jurisdiction may, upon the\npetition of the holders of not less than twenty -five percent (25%) of the outstanding\nbonds, appoint a receiver to administer the electric plant on behalf of the board,\nwith power to charge and collect rates sufficient to provide for the payment of any\nbonds or obligations outstanding against the plant and for the payment of the\noperating expenses and to apply the income and revenues in conformity with KRS\n96.171 to 96.188.\n(7) All bonds issued pursuant to KRS 96.171 to 96.188, bearing the signatures of\nofficers in office on the date of the signing of the bonds, shall be valid and binding\nobligations, notwithstanding that before the delivery and payment of the bonds, any\nor all  the persons whose signatures appear on the bonds shall have ceased to be\nmembers of the board issuing the same. The resolution of the board authorizing the\nissuance of the bonds shall contain a recital that the revenue bonds are issued\npursuant to KRS 96. 171 to 96.188, which recital shall be prima facie evidence of\ntheir validity and of the regularity of their issuance.\n(8) Bonds may be issued under KRS 96.171 to 96.188 without respect to the provisions\nof any laws requiring the prior approval of any court , commission, board, or\nregulatory authority.\n(9) All moneys received from the sale and issuance of bonds shall be used solely for the\npurpose for which the bonds were issued, except that any premium received for the\nbonds may be used for the payment of interest and principal of the bonds.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26197","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:57Z","sha256":"215547c40ee377fc17275f9b4bbc8e6dc7f72806c1b30a86cc58edcee3bda498","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.183","next":"us-ky/krs-96.185"},"notice":"GroundRules: Original legal text. Not legal advice."}