Kentucky Statutes 175B.065 – Project revenue bonds not a debt or pledge of faith and credit of the Commonwealth or its subdivisions — Statement on face of bonds
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(1) Project revenue bonds issued by an authority under this chapter shall not constitute a debt of the Commonwealth or any of its political subdivisions, or a pledge of the faith and credit of the Commonwealth or any of its political subdivisions. Project revenue bonds issued pursuant to this chapter, shall be payable solely from the funds provided for in this chapter including but not limited to the funds described in KRS § 175B.025(1)(c).
(2) Project revenue bonds shall contain on their face a statement to the effect that neither the Commonwealth nor the issuing authority shall be obligated to pay the bonds or the interest thereon, except from any and all revenues associated with the project for which they are issued, and that neither the faith and credit nor the taxing power of the Commonwealth is pledged to the payment of the principal of or the interest on these project revenue bonds.
Effective: June 26, 2009
History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 87, effective June 26,
2009.
(2) Project revenue bonds shall contain on their face a statement to the effect that neither the Commonwealth nor the issuing authority shall be obligated to pay the bonds or the interest thereon, except from any and all revenues associated with the project for which they are issued, and that neither the faith and credit nor the taxing power of the Commonwealth is pledged to the payment of the principal of or the interest on these project revenue bonds.
Terms Used In Kentucky Statutes 175B.065
- Authority: means the state authority, or a bi-state authority, or a project authority, unless the specific use requires that it apply only to the state authority, or a bi-state authority, or a project authority. See Kentucky Statutes 175B.010
- Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 175B.010
- Issuing authority: means the authority that will issue or has issued debt associated with a project. See Kentucky Statutes 175B.010
- Project: includes all bridges, tollhouses, garages, and other buildings and facilities which the authority deems necessary for the operation of the project, together with all property, rights, easements, and interests which may be acquired by the authority or by the Commonwealth for the construction and operation of a project. See Kentucky Statutes 175B.010
- Project revenue bonds: means revenue funding bonds, revenue refunding bonds, notes, or other financial obligations issued under this chapter by the issuing authority. See Kentucky Statutes 175B.010
Effective: June 26, 2009
History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 87, effective June 26,
2009.