KRS § 96.550 — KY Code / Title IX / Chapter 96 / Section 96.550
96.550 Definitions for KRS 96.550 to 96.900
Status: in_force

96.550 Definitions for KRS 96.550 to 96.900.

As used in KRS 96.550 to 96.900, unless the context requires otherwise:

(1) "Acquire" shall mean and include construct, acquire by purchase, by lease, devise,

gift, or the exercise of the right of eminent domain in the manner now or hereafter

provided by law for the exercise thereof and acquisition by any other mode.

(2) "Board" shall mean a board of public utilities established pursuant to KRS 96.740.

(3) "Bonds" shall mean either general obligation bonds or revenue bonds.

(4) "Constitution" shall mean the Constitution of Kentucky.

(5) "Electric plant" shall mean and include any plant, works, systems, facilities, and

properties (including poles, wires, stations, transformers, and any and all equipment

and machinery), together with all parts thereof and appurtenances thereto, used or

useful in the generation, production, transmission, or distribution of energy.

(6) "Energy" shall mean and include any and all electric energy no matter where or how

generated, produced, transmitted, or conveyed.

(7) "Electric service" shall mean the furnishing of electric power and energy for any

purpose for which electric power and energy can be used.

(8) "General obligation bonds" shall mean direct or general obligations of any

municipality, issued within the limits and subject to the provisions of Sections 157

and 158 of the Constitution.

(9) "Governing body" shall mean the board, council, commission, fiscal court, or other

general governing body of the municipality.

(10) "Governmental agency" includes the United States, the President, the federal works

agency, the federal lending agency, Tennessee Valley Authority, or any other

similar agency, instrumentality, or corporation of the United States, or of Kentucky

or any political subdivision thereof, created by or pursuant to any Act of Congress

or by state legislation.

(11) "Improve" shall mean and include construct, reconstruct, improve, extend, enlarge,

alter, better, and repair.

(12) "Improvement" shall mean any improvement, extension, betterment, or addition to

any electric plant.

(13) "Law" shall mean any statute of this state.

(14) "Mayor" shall mean the mayor of any class city unless there be a city manager, then

it shall mean city manager, or the county judge/executive of any county. "Mayor"

shall also mean the mayor of a consolidated local government.

(15) "Municipality" shall mean any county, city, consolidated local government, or

municipal corporation of any and every class in the Commonwealth of Kentucky.

(16) "Revenue bonds" shall mean obligations payable solely from the revenues derived

from the operation of an electric plant and such bonds shall not constitute an

indebtedness of any municipality within the meaning of the provisions or

limitations of the Constitution.

(17) "Net revenues" shall mean revenues remaining after payments of:

(a) All payments provided for herein to be made to the state, county, school or

other taxing district;

(b) The payments of salaries, and premiums on bonds of officers and employees

of the board; and

(c) All other ordinary and necessary operating expenses of the board in the

operation of the electric plant including reserves for depreciation.