KRS § 247.950 — KY Code / Title XXI / Chapter 247 / Section 247.950
247.950 Issuance of bonds or notes by corporation
Status: in_force

247.950 Issuance of bonds or notes by corporation.

(1) The corporation is hereby authorized to provide for the issuance in its lending

agency capacity and in its issuing agency capacity, at one (1) time or from time to

time, of bonds, notes, renewal notes, refunding bonds, interim certificates,

certificate of indebtedness, debentures, warrants, commercial paper, or other

obligations or evidences of indebtedness, hereinafter collectively referred to as

"bonds or notes" of the corporation in an amount not to exceed five hundred million

dollars ($500,000,000). The principal of and the interest on these bonds or notes

shall be payable solely from the funds herein provided for the payment. Notes may

be made payable from the proceeds of the bonds or renewal notes or, in the event

bond or renewal note proceeds are not available, the notes may be paid from any

available revenues or assets of the corporation.

(2) Bonds or notes of each issue shall be dated and may be redeemable prior to maturity

at the option of the corporation under terms and conditions as may be determined by

the corporation.

(3) Bonds or notes shall bear interest at such rate or rates as may be determined by the

corporation at a publicly advertised competitive sale or, at the discretion of the

corporation, upon a private, negotiated basis.

(4) Bonds or notes shall mature as to principal and shall be payable as to interest upon

the terms as the corporation shall determine in light of the conditions of the

municipal bond market at the time of their authorization; provided, however, that

obligations issued to finance personal property shall not have a term in excess of the

expected useful life of the property financed.

(5) The corporation shall determine the form and manner of the execution of the bonds

or notes, denominations, medium, and places of payment. In the event any officer of

the corporation whose signature or a facsimile of whose signature shall appear on

any bonds or notes attached thereto shall cease to be an officer before the delivery

thereof, the signature or facsimile shall nevertheless be valid and sufficient for all

purposes as if said party had remained in office until delivery.

(6) The proceeds of any bonds or notes shall be used solely for the purposes for which

issued and shall be disbursed in a manner and under restrictions as the corporation

may determine in its bond resolution authorizing the issuance thereof or in the trust

agreement.

(7) Bonds or notes of the corporation may be sold for a price in a manner and from time

to time as may be determined by the corporation to be most beneficial, and the

corporation may pay all expenses, premiums, fees, or commissions which it may

deem necessary or advantageous in connection with the issuance and sale thereof,

subject to the provisions of KRS 247.940 to 247.978.

(8) The bonds or notes may be issued in coupon or in registered form, or both, and

provision may be made for the registration of any coupon bonds or notes as to

principal alone and also as to both principal and interest, and for the reconversion

into coupon bonds or notes of any bonds or notes registered as to both principal and

interest, and for the interchange of registered and coupon bonds or notes.

(9) Prior to the preparation of definitive bonds, the corporation may, under like

restrictions, issue interim receipts or temporary bonds, with or without coupons,

exchangeable for definitive bonds when the bonds shall have been executed and are

available for delivery. The corporation may also provide for the replacement of any

bonds or notes which shall become mutilated or shall be destroyed or lost.