{"data":{"id":"us-ky/krs-96.690","jurisdiction":"us-ky","citation":"KRS 96.690","heading":"Form and terms of bonds -- Sale -- Bonds for improvement -- Refunding or","body":"additional bonds -- Negotiability -- Interest rate.\n(1) Bonds issued pursuant to KRS 96.550 to 96.900 may be issued in one (1) 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 such medium of\npayment, at such place or places, may be sold or hypothecated in blocks, may be\nsubject to the terms of repurchase or redemption of all or any of the bonds before\nmaturity in a manner and at a price or prices as may be fixed by t he board prior to\nthe sale of the bonds.\n(2) The board at any time may issue and sell revenue bonds to finance improvements or\nissue and sell refunding bonds for the purpose of providing funds for the payment of\nany outstanding bonds issued in accordance w ith the provisions of KRS 96.550 to\n96.900. The new bonds shall be issued, sold, and secured in accordance with the\nprovisions of KRS 96.550 to 96.900 for the issuance of the original revenue bonds,\nexcept no election shall be necessary or required to asce rtain the will of the voters\nof the city. Should the board find that the bonds originally authorized will be\ninsufficient to accomplish the purpose desired, additional bonds may be authorized\nand issued, subject to the same procedure and conditions as original revenue bonds.\n(3) All revenue bonds issued pursuant to the provisions of KRS 96.550 to 96.900 in the\nhands of bona fide holders shall have all the qualities and incidents of negotiable\ninstruments under the law merchant. Except as provided in subsect ion (5) of this\nsection, all bonds shall be sold to the highest responsible bidder at a time and place\nas has been fixed by the board in the notice of the sale of the bonds, which notice\nhas been advertised by publication pursuant to KRS Chapter 424. The b oard shall\nreceive written, sealed, competitive bids, which shall be publicly opened and read at\nthe time and place specified in the notice of sale. The board may reject all bids and\nreadvertise. Notwithstanding any law to the contrary, bonds may be issued  bearing\ninterest at a rate or rates and may be sold at a price equal to, less than or greater\nthan, the aggregate principal amount of the bonds, as is satisfactory to and\nacceptable by the board.  \"Highest responsible bidder\" as used in this section means\nthe responsible bidder whose bid generates the lowest net interest costs for the\nissue.\n(4) After revenue bonds have been offered for sale by the board, as in this section\nprovided, if no bid satisfactory or acceptable to the board is received, the board may\nsell, issue, and deliver the bonds to any federal governmental agency or other\nresponsible purchaser at private sale upon terms, not in conflict with the provisions\nof KRS 96.550 to 96.900, as may be agreed upon between the board and the federal\ngovernmental agency or other responsible purchaser at private sale; but the net\ninterest cost paid on the bond shall not be greater than that received from the\nhighest responsible bidder.\n(5) Notwithstanding any law to the contrary, bonds of an issue, or bonds o f two (2) or\nmore issues consolidated for the purposes of sale, which equal or exceed ten million\ndollars ($10,000,000) in the aggregate principal amount may be sold at public sale\nin compliance with KRS 424.360 or at private sale without compliance with K RS\n424.360, and bonds for the purpose of raising funds for the completion of any\nproject for which a previous bond issue, or issues consolidated for the purposes of\nsale, equaled or exceeded ten million dollars ($10,000,000) in the aggregate\nprincipal amou nt may likewise be sold at a public sale in compliance with KRS\n424.360 or a private sale without compliance with KRS 424.360.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26275","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:58Z","sha256":"dca6f6195c0bd7a228c7a5dfa1d986c2f282374e624116845d85113fbe9acfb1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.680","next":"us-ky/krs-96.700"},"notice":"GroundRules: Original legal text. Not legal advice."}