KRS § 76.150 — KY Code / Title IX / Chapter 76 / Section 76.150
76.150 District revenue bonds
Status: in_force

76.150 District revenue bonds.

(1) Subsections (2) through (4) have no application to construction subdistrict bonds or

obligations. All references to revenues, rates, rentals, charges, or collections in

subsections (2) and (3) exclude those derived from or made on account of

construction subdistricts. District facilities referred to in subsections (2) and (3)

exclude construction subdistrict facilities.

(2) The district may, from time to time, issue its negotiable interest-bearing revenue

bonds for any of its corporate purposes, and it may also, from time to time, issue its

negotiable interest-bearing revenue bonds to refund any of its bonds at maturity or

pursuant to redemption provisions, or at any time before maturity with the consent

of the holders. All the bonds, including interest, are payable solely from and secured

only by revenues of the district realized through the collection of rates, rentals, or

other charges, imposed for use of the facilities of the district. The bonds shall be

authorized by resolution of the board and shall bear the dates, mature at the times

not exceeding forty (40) years from their respective dates, bear interest at the rate or

rates or method of determining rates, payable at least annually, be in the

denominations and form, either coupon or registered, carry the registration

privileges, be executed in the manner, be payable in the medium of payment at the

place, and be subject to the terms of redemption, with or without premium, as the

resolutions provide; except that before the issuance of bonds for any project within

the corporate limits of any city forming a district pursuant to KRS 76.010, the

issuance of bonds shall first be authorized by ordinance passed by the legislative

body of the city and approved by the mayor of the city. The bonds shall be sold at

public sale for the price as the board determines.

(3) Any resolution authorizing any bonds may contain provisions, which shall be a part

of the contract with the holders of the bonds, as to:

(a) Pledging all or any part of the gross or net revenues of the district to secure the

payment of the bonds and interest on the bonds;

(b) The amounts to be raised in each year by rates, rentals, and charges, and their

use and disposition, and of any other revenues of the district;

(c) The setting aside of reserves or sinking funds and their regulation and

disposition;

(d) Limitations on the right of the district to restrict and regulate the use of its

facilities;

(e) Limitations on the purposes to which the proceeds of sale of any issue of

bonds to be issued may be applied;

(f) Limitations on the issuance of additional bonds; and

(g) The procedure, if any, by which the term of any contract with bondholders

may be amended or abrogated, the amount of bonds the holders of which must

consent, and the manner in which the consent may be given.

(4) The bonds or other obligations of the district shall not constitute an obligation or

indebtedness of the city or of the county and it shall be plainly stated on the face of

each bond of the district that it has been issued under the provisions of KRS 76.010

to 76.210, and that it does not constitute an indebtedness of the city or of the county.

All bonds authorized may be issued without a vote of the voters and without any

other proceedings or happenings of any other conditions or things than those

proceedings, conditions and things which are specified and required by KRS 76.010

to 76.210. The bonds shall be signed in the name of the district by the chairman or

vice chairman of the board, attested by the signature of the secretary-treasurer, with

corporate seal of the district attached.