97.160 Bonds to be negotiable and tax-exempt -- Sale -- Cities not to be obligated. The bonds issued pursuant to KRS 97.150 shall be negotiable and shall not be subject to taxation. If the officers whose signatures or countersignatures appear on the bonds or coupons cease to be officers before delivery of the bonds, the signatures or countersignatures shall nevertheless be valid. The bonds shall be sold in a manner and upon the terms as the legislative body of the city deems for the best interests of the city, or any contract for the acquisition of a project may provide that payment shall be made in bonds. The bonds shall be payable solely from the revenue funds derived from the operation of the project, and the bonds and other obligations incurred for the establishment and maintenance of a recreational project shall not constitute an indebtedness of the city within the meaning of the Constitution. It shall be plainly stated on the face of each bond that it has been issued under the provisions of KRS 97.100 to 97.240 and does not constitute an indebtedness of the city within the meaning of the Constitution. Effective: July 15, 1996 History: Amended 1996 Ky. Acts ch. 274, sec. 26, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 110, sec. 14. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 2741p-18, 2741p-26.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
