KRS § 353.758 — KY Code / Title XXVIII / Chapter 353 / Section 353.758
353.758 Issuance of revenue bonds -- Proceeds of bonds -- Notes or temporary bonds
Status: in_force

353.758 Issuance of revenue bonds -- Proceeds of bonds -- Notes or temporary

bonds.

(1) The authority may provide for the issuance of revenue bonds to pay any part of the

cost of any projects undertaken pursuant to an agreement. The principal and interest

on these bonds shall be payable solely from the funds provided for such payment.

Any issue may be in one (1) or more series and any series may enjoy equal or

subordinate status with respect to the pledge of funds from which they are payable,

shall be dated, shall bear interest at such rate or rates as established by the authority,

shall mature at a time or times not exceeding twenty (20) years from their date or

dates, all as may be provided by the authority, and may be made redeemable before

maturity, at the option of the authority, at the price or prices and under the terms and

conditions as may be fixed by the authority prior to the issuance of the bonds. The

authority shall determine the form of the bonds and fix the denomination of the

bonds and the place or places for payment of principal and interest, which may be at

any bank or trust company within or without this Commonwealth or at the office of

the Finance and Administration Cabinet. The bonds shall be signed by the facsimile

signature of the chair or secretary of the authority, and the seal of the authority or a

facsimile thereof shall be affixed thereto and attested by the manual or facsimile

signature of the secretary or chair of the authority. All bonds issued under the

provisions of KRS 353.750 to 353.776 shall have all the qualities and incidents of

negotiable instruments under the Uniform Commercial Code, KRS Chapter 355.

The authority may sell bonds at public or private sale.

(2) The proceeds of the bonds of each issue shall be used solely for the payment of the

cost of the project or projects for which the bonds are issued, and shall be disbursed

in the manner and under any restrictions as the authority may provide in the

proceedings authorizing the issuance of the bonds or in the trust indenture securing

the same. If the proceeds of the bonds of any issue, by error of estimates or

otherwise, is less than the cost, additional bonds may be issued in like manner to

provide the amount of the deficit and, unless otherwise provided in the proceedings

authorizing the issuance of the bonds or in the trust indenture securing the same,

shall be deemed to be of the same issue and entitled to payment from the same fund

without preference or priority of the bonds first issued. If the proceeds of the bonds

of any issue exceed the cost, the surplus shall be deposited to the credit of the

sinking fund or funds for these bonds or any account or accounts therein as the

authority shall provide in the proceedings or trust indenture authorizing and

securing the bonds.

(3) Prior to the preparation of definitive bonds, the authority may, under like

restrictions, issue notes or temporary bonds that shall be exchangeable for definitive

bonds when the definitive bonds are executed and available for delivery.