{"data":{"id":"us-ky/krs-96.544","jurisdiction":"us-ky","citation":"KRS 96.544","heading":"Issuance of bonds -- Use of proceeds of bonds -- Disposition of surplus","body":"revenue -- Bond procedure.\n(1) Except where an election has been held and the proposition has been defeated, any\ncity may borrow money and issue negotiable bonds, but only after an  ordinance has\nbeen adopted specifying the proposed undertaking, the amount of bonds to be\nissued, and the maximum rate of interest the bonds are to bear. The ordinance shall\nfurther provide that the proposed system, with necessary appurtenances thereto, is to\nbe acquired pursuant to the provisions of KRS 96.541 to 96.546. Any bonds issued\nunder the provisions of KRS 96.541 to 96.546 shall be payable solely from the\nrevenue derived from the operation of the artificial gas system, and shall not\nconstitute an indebtedness of the city within the meaning of the Constitution.\n(2) Money received from bonds issued as provided in subsection (1) of this section may\nbe used to advance the expense of operation and maintenance for one (1) month\nafter the establishment o f the system. If a surplus is accumulated, from revenue, in\nthe operation and maintenance fund equal to the cost of maintaining and operating\nthe artificial gas system during the remainder of the calendar, operating or fiscal\nyear, as may be provided by or dinance on or before issuance of the bonds, the\nlegislative body of the city may at any time transfer the excess to the depreciation\naccount to be used for any improvements or additions to the system.\n(3) Except as provided in subsection (2) of this sectio n, all of the provisions of KRS\n96.380 to 96.500 shall be applicable to proceedings under KRS 96.541 to 96.546.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26257","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:58Z","sha256":"46f6f058d15062380892d28756863ad4bc43f7d641fee7aaddfead78e940938a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.543","next":"us-ky/krs-96.545"},"notice":"GroundRules: Original legal text. Not legal advice."}