{"data":{"id":"us-ky/krs-96.700","jurisdiction":"us-ky","citation":"KRS 96.700","heading":"Power of board to make provisions to secure payment of bonds.","body":"In order to secure the payment of any of the bonds issued pursuant to KRS 96.550 to\n96.900, and interest thereon, or in connection with such bonds, the board of any\nmunicipality shall have power as to such bonds, to the extent not inconsistent with the\nmandatory provisions of KRS 96.550 to 96.900:\n(1) To pledge all or any part of the net revenues derived from sale of electric service;\n(2) To provide for the terms, form, registration, exchange, execution and authentication\nof any bonds;\n(3) To provide for the replacement of lost, destroyed, or mutilated bonds;\n(4) To covenant as to the use and disposition of the proceeds from the sale of such\nbonds;\n(5) To covenant as to the rates and charges of the electric plant;\n(6) To redeem such bonds, and to coven ant for their redemption and to provide the\nterms and conditions thereof;\n(7) To covenant and prescribe as to what happenings or occurrences shall constitute\n\"events of default,\" and the terms and conditions upon which any or all of such\nbonds shall become or may be declared due before maturity and as to the terms and\nconditions upon which such declaration and its consequences may be waived;\n(8) To covenant as to the rights, liabilities, powers and duties arising upon the breach\nby it of any covenant, condition or obligation;\n(9) To vest in a trustee or trustees the right to receive all or any part of the net income\nand revenue pledged and assigned to, or for the benefit of, the holder or holders of\nbonds issued hereunder, and to hold, apply and dispose o f the same, and the right to\nenforce any covenant made to secure or pay or in relation to the bonds; to execute\nand deliver a trust agreement or trust agreements which may set forth the powers\nand duties and the remedies available to such trustee or truste es and limiting the\nliabilities thereof and describing what occurrences shall constitute \"events of\ndefault,\" and prescribing the terms and conditions upon which such trustee or\ntrustees or the holder or holders of bonds of any specified amount or percenta ge\nmay exercise such rights and enforce any and all such covenants and resort to such\nremedies as may be appropriate;\n(10) To make covenants other than, and in addition to, the covenants herein authorized\nof like or different character, necessary or advis able to effectuate the purpose of\nKRS 96.550 to 96.900; and\n(11) To execute all instruments necessary or convenient in the exercise of the powers\nherein granted or in the performance of its covenants or duties.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26276","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:58Z","sha256":"b20acb1cddea7da49d717920c9f7cba2e2e33901a87b35ebbda1e2c1dd4a1d52","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.690","next":"us-ky/krs-96.710"},"notice":"GroundRules: Original legal text. Not legal advice."}