KRS § 177.700 — KY Code / Title XV / Chapter 177 / Section 177.700
177.700 Efforts to sell authorized and unissued bonds under existing restrictions to be continued -- If effort unsuccessful, proposal to remove interest rate limit to be submitted to voters at an election
Status: in_force

177.700 Efforts to sell authorized and unissued bonds under existing restrictions to

be continued -- If effort unsuccessful, proposal to remove interest rate limit to

be submitted to voters at an election.

(1) The State Property and Buildings Commission (hereinafter sometimes referred to as

the "commission") is enjoined to continue its best efforts to sell and issue the

heretofore unissued thirty million dollars ($30,000,000) of the Commonwealth's

general obligation bonds, as provided in KRS 177.580 to 177.630, which was

approved by the voters at the election held on November 6, 1956 (such bonds, for

convenience, being sometimes hereinafter referred to as the "unissued 1956 bonds";

and the aforesaid issue of which the same constitute a part being sometimes

hereinafter referred to as the "1956 bonds"). In doing so, the commission shall in all

respects observe the restrictive conditions presently applicable to said unissued

1956 bonds, in that any sale or sales shall be for not less than par or face amount

with accrued interest to delivery, and at a rate or rates of interest not exceeding, as

to any bond, three percent (3%) per annum, payable semiannually, and all of such

bonds shall be caused to mature as to principal within thirty (30) years from January

1, 1957.

(2) Unless said unissued 1956 bonds are successfully sold by the commission on or

prior to August 31, 1960, a proposal as set forth in KRS 177.700 to 177.820 shall be

submitted to the qualified voters of the Commonwealth at the regular election

scheduled by law to be held on November 8, 1960, seeking the voters' authorization

and approval of removing, as to said unissued 1956 bonds, the three percent (3%)

interest rate limitation presently applicable thereto. Inasmuch as said unissued 1956

bonds have been taken into account in determining the amount of money otherwise

necessary to be provided through issuance of additional bonds as hereinafter set

forth, such proposal that the voters remove said existing interest rate limitation as to

the unissued 1956 bonds shall appear on the ballots at the election to be held on

November 8, 1960, as a part of the ballot question submitting for authorization and

approval KRS 177.700 to 177.820 as a whole and the proposed issuance of an

additional one hundred million dollars ($100,000,000) of general obligation bonds

of the Commonwealth for state parks, and for highways, bridges and tunnels, as

hereinafter provided. In such event the form of the question which shall be caused

to appear upon the ballots at the election on November 8, 1960, shall be as set forth

in KRS 177.740.

(3) In the event the said unissued 1956 bonds are successfully sold by the commission

on or prior to August 31, 1960, according to the presently existing interest rate

limitation, the commission shall, not later than September 1, 1960, so notify the

Secretary of State of the Commonwealth; and inasmuch as there will then no longer

be any occasion to seek authorization of the voters for removal of said interest rate

limitation, the question to appear upon the ballots submitting KRS 177.700 to

177.820 for authorization and approval of the voters at the election on November 8,

1960, shall be as provided in KRS 177.750.

(4) Based upon representations made by the commission as set forth in this section the

Secretary of State shall, after September 1, 1960, determine whether the form of

question to be used in submitting KRS 177.700 to 177.820 to the voters for

authorization and approval at the election on November 8, 1960, shall be as set

forth in KRS 177.740, or as set forth in KRS 177.750, and shall certify the

applicable form of ballot question to the respective county clerks at the same time

that candidates for public office are provided to be certified pursuant to KRS

118.225; and when each county clerk causes the ballots to be printed according to

KRS 117.145 the form of question so certified by the Secretary of State shall be

caused to appear thereon with appropriate spaces for the voters to designate "Yes"

or "No".