162.620 Sale of bonds -- Conditions. Bonds of the authority shall be sold only upon the basis of sealed bids or proposals, publicly solicited, received, opened and acted upon. The 'publication area,' as that term is used in KRS Chapter 424, shall not be deemed to be the area within which the office of the authority is situated, but shall be deemed to be the 'publication area' of the board of education executing the lease. Each sale shall be publicly advertised by means of a notice conforming to the provisions of KRS 424.140(3), and the same sh all be published at least one (1) time, at least seven (7) days in advance of the date set forth for opening bids, in a daily newspaper having bona fide general circulation throughout the Commonwealth. If such publication is made, it shall be sufficient fo r publication in the 'publication area' to be made only one (1) time, at least seven (7) days in advance of the date set forth for the opening of bids, notwithstanding provisions for publication more often as provided in KRS Chapter 424. If a copy of the s ale notice be delivered or transmitted in good faith to the qualified newspaper of the 'publication area' in time for publication in an n more often as provided in KRS Chapter 424. If a copy of the s ale notice be delivered or transmitted in good faith to the qualified newspaper of the 'publication area' in time for publication in an issue thereof published seven (7) days or more in advance of the date set forth for the opening of bids, and with direct ion for publication therein, any failure of such newspaper to make publication as directed shall not invalidate the sale of the bonds by the authority on the designated date, nor require postponement or cancellation thereof. Effective: July 13, 1990 Histor y: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 590, effective July 13, 1990. -- Created 1960 Ky. Acts ch. 81, sec. 12, effective June 16, 1960.
Kentucky Legal Code