{"data":{"id":"us-ky/krs-96.300","jurisdiction":"us-ky","citation":"KRS 96.300","heading":"Ability of board of waterworks to borrow money -- Issuance of bonds --","body":"Limitation of indebtedness.\nThe board of waterworks may borrow money for the purpose of meeting any of the\nobligations of the waterworks corporation and for current expenses of the board. In\naddition, the board may, after the commissioners of the sinking fund have by resolution\nconsented, issue the bonds of the waterworks corporation or issue bonds for the refunding\nof bonds of the waterworks corporation, and these bonds may be issue d and may be\nsecured by the revenues of the waterworks corporation; by a mortgage upon the rights,\nprivileges, franchises, and property of the corporation; or by both. The bonds may be\nissued in denominations, with maturities, bear interest, and be payable , as may be in the\nbest interest of the waterworks corporation as determined by the board with the consent\nof the commissioners of the sinking fund and as otherwise required by the laws of the\nCommonwealth. No indebtedness, bonded or otherwise, may be auth orized or consented\nto if, as a result of that borrowing, the waterworks corporation's net aggregate debt service\non all outstanding indebtedness in any one year, multiplied by one and three -tenths (1.3),\nwill exceed the corporation's net income, determine d in accordance with generally\naccepted accounting principles, for the fiscal year immediately preceding the borrowing.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26216","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:57Z","sha256":"4b006db9fca7599e2207cfc75c94306817666780b78b86075552028190791149","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.290","next":"us-ky/krs-96.310"},"notice":"GroundRules: Original legal text. Not legal advice."}