58.040 Bonds negotiable and tax -free -- Method of sale -- Payable solely from revenue. (1) Bonds issued pursuant to KRS 58.010 to 58.140 shall be negotiable and shall not be subject to taxation. (2) If any officer whose signature or countersignature ap pears on the bonds or coupons ceases to be an officer before delivery of the bonds, the officer's signature or countersignature shall be valid and sufficient for all purposes as if the officer had remained in office until delivery. (3) The bonds shall be s old in a manner and upon the terms as the governmental agency determines and as provided in KRS 424.360. Any contract for the acquisition of a public project may provide that payment shall be made in bonds. (4) The bonds shall be payable solely from the re venue derived from the public project and shall not constitute an indebtedness of the state, county, city, or political subdivision within the meaning of the Constitution. (5) It shall be plainly stated on the face of each bond that the bond has been issue d under the provisions of KRS 58.010 to 58.140 and that the bond does not constitute an indebtedness of the governmental agency within the meaning of the Constitution. nd that the bond has been issue d under the provisions of KRS 58.010 to 58.140 and that the bond does not constitute an indebtedness of the governmental agency within the meaning of the Constitution. Effective: June 27, 2019 History: Amended 2019 Ky. Acts ch. 35, sec. 3, effective June 2 7, 2019. -- Amended 1996 Ky. Acts ch. 274, sec. 3, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 110, sec. 4; and ch. 154, sec. 3. -- Created 1946 Ky. Acts ch. 126, sec. 4.
Kentucky Legal Code