{"data":{"id":"us-ky/krs-96a.120","jurisdiction":"us-ky","citation":"KRS 96A.120","heading":"Permissible types of financing.","body":"For the purposes of acquiring or otherwise establishing one (1) or more transit systems, or\nparts thereof, or for the purpose of adding to, extending, operating, or improving one (1)\nor more mass transportation systems owned or to be acquired or establishe d, or for any\ncombination of these purposes, an authority may, in addition to other methods permitted\nby law, resort to financing according to any of the following financing methods, or any\ncombination thereof, to the extent not inconsistent, one with another:\n(1) Upon determination of its financing needs, an authority, by resolution of its board,\nmay request the public body responsible for its creation and establishment, or any\none (1) or more of the public bodies if there be more than one (1):\n(a) To appr opriate and pay over to the authority all or any part of the amount\ndetermined to be necessary; or\n(b) To provide the amount determined to be necessary, or any part thereof, from\nthe proceeds of general obligation bonds of the public body or public bodies,\nin which event the governing body or governing bodies of the public body or\npublic bodies may, in its or their discretion, take action as may be required by\nthe Constitution and applicable statutes of the Commonwealth to submit to the\nvoters thereof, at o ne (1) or more elections to be held for that purpose, a\nproposal or proposals that the issuance of general obligation bonds be\napproved and authorized, and if so approved and authorized, the general\nobligation bonds may be issued and the proceeds may be ap propriated to the\nauthority in the manner requested;\n(2) An authority may issue revenue bonds in its own name, payable solely from its\nincome and revenues, and not constituting or purporting to constitute an\nindebtedness of the authority or of any other pu blic body within the meaning of\ndebt-limiting provisions of the Constitution and applicable statutes of the\nCommonwealth, in the manner and in accordance with the procedures set forth in\nKRS 58.010 to 58.170, inclusive, and KRS 61.390, subject to any inter est rate\nlimitations which may be applicable as provided by law;\n(3) An authority may issue its mortgage bonds, as authorized by statute and may make\nprovision for obtaining revenues for the payment of the principal of and interest\nthereon, and for the pay ment of costs of operating and maintenance, and for the\naccumulation of reserves for renewals, replacements, extensions, and\nimprovements, and for debt service reserves, by leasing any mass transportation\nsystem owned by the authority, or to be acquired or  established by the authority, or,\nif there be more than one (1) mass transportation system, by leasing the same\nindividually or in any combination, to one (1) or more public bodies, whether or not\nthe public bodies, or any of them, shall have participated  in the creation and\nestablishment of the authority. Any lease shall be a written instrument, executed by\nthe authority as lessor, and by one (1) or more public bodies, as a lessee or lessees,\nfor a period of one (1) year, which may be from the date of the  mortgage bonds, or\nfrom the date of acquisition or other establishment of the mass transit system or\nsystems, with exclusive options to the lessee or lessees to renew the same thereafter,\nfrom year to year, upon the rentals and other terms and provisions as will provide to\nthe authority annual sums sufficient to provide for the purposes of this subsection;\n(4) General obligation bonds issued for the benefit of an authority, or revenue bonds or\nmortgage bonds issued by an authority may, in the discretion of the parties involved\nin the issuance, be refinanced, whether at maturity or upon prior redemption in\naccordance with the terms, by the issuance of bonds, according to any of the\nfinancing plans herein authorized.","path":["KRS Chapter 96A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26335","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:59Z","sha256":"474d18c5524ab9b4b4442d75661ec1491da3f509a4967459ac14ae5870a87156","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96a.110","next":"us-ky/krs-96a.130"},"notice":"GroundRules: Original legal text. Not legal advice."}