KRS § 96.690 — KY Code / Title IX / Chapter 96 / Section 96.690
96.690 Form and terms of bonds -- Sale -- Bonds for improvement -- Refunding or additional bonds -- Negotiability -- Interest rate
Status: in_force

96.690 Form and terms of bonds -- Sale -- Bonds for improvement -- Refunding or

additional bonds -- Negotiability -- Interest rate.

(1) Bonds issued pursuant to KRS 96.550 to 96.900 may be issued in one (1) or more

series, may bear a date or dates, may mature at a time or times, not exceeding forty

(40) years from their respective dates, may be in a denomination or denominations,

may be in a form, either coupon or registered, may carry registration and conversion

privileges, may be executed in a manner, may be payable in such medium of

payment, at such place or places, may be sold or hypothecated in blocks, may be

subject to the terms of repurchase or redemption of all or any of the bonds before

maturity in a manner and at a price or prices as may be fixed by the board prior to

the sale of the bonds.

(2) The board at any time may issue and sell revenue bonds to finance improvements or

issue and sell refunding bonds for the purpose of providing funds for the payment of

any outstanding bonds issued in accordance with the provisions of KRS 96.550 to

96.900. The new bonds shall be issued, sold, and secured in accordance with the

provisions of KRS 96.550 to 96.900 for the issuance of the original revenue bonds,

except no election shall be necessary or required to ascertain the will of the voters

of the city. Should the board find that the bonds originally authorized will be

insufficient to accomplish the purpose desired, additional bonds may be authorized

and issued, subject to the same procedure and conditions as original revenue bonds.

(3) All revenue bonds issued pursuant to the provisions of KRS 96.550 to 96.900 in the

hands of bona fide holders shall have all the qualities and incidents of negotiable

instruments under the law merchant. Except as provided in subsection (5) of this

section, all bonds shall be sold to the highest responsible bidder at a time and place

as has been fixed by the board in the notice of the sale of the bonds, which notice

has been advertised by publication pursuant to KRS Chapter 424. The board shall

receive written, sealed, competitive bids, which shall be publicly opened and read at

the time and place specified in the notice of sale. The board may reject all bids and

readvertise. Notwithstanding any law to the contrary, bonds may be issued bearing

interest at a rate or rates and may be sold at a price equal to, less than or greater

than, the aggregate principal amount of the bonds, as is satisfactory to and

acceptable by the board. "Highest responsible bidder" as used in this section means

the responsible bidder whose bid generates the lowest net interest costs for the

issue.

(4) After revenue bonds have been offered for sale by the board, as in this section

provided, if no bid satisfactory or acceptable to the board is received, the board may

sell, issue, and deliver the bonds to any federal governmental agency or other

responsible purchaser at private sale upon terms, not in conflict with the provisions

of KRS 96.550 to 96.900, as may be agreed upon between the board and the federal

governmental agency or other responsible purchaser at private sale; but the net

interest cost paid on the bond shall not be greater than that received from the

highest responsible bidder.

(5) Notwithstanding any law to the contrary, bonds of an issue, or bonds of two (2) or

more issues consolidated for the purposes of sale, which equal or exceed ten million

dollars ($10,000,000) in the aggregate principal amount may be sold at public sale

in compliance with KRS 424.360 or at private sale without compliance with KRS

424.360, and bonds for the purpose of raising funds for the completion of any

project for which a previous bond issue, or issues consolidated for the purposes of

sale, equaled or exceeded ten million dollars ($10,000,000) in the aggregate

principal amount may likewise be sold at a public sale in compliance with KRS

424.360 or a private sale without compliance with KRS 424.360.