Kentucky Statutes 175.510 – Revenue bonds are not debt of Commonwealth
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Revenue bonds issued by the authority under the provisions of this chapter shall not be deemed to constitute a debt of the department or of the Commonwealth or of any political subdivision thereof, or a pledge of the faith and credit of the department or of the Commonwealth or of any such political subdivision, but such bonds shall be payable solely from the funds provided therefor under the provisions of this chapter. All such revenue bonds shall contain on the face thereof a statement to the effect that neither the Commonwealth nor the authority shall be obligated to pay the same or the interest thereon except from revenues of the turnpike project for which they are issued, including rentals under a lease of such project to the Department of Highways of the Commonwealth for a biennium and subject to renewal for successive bienniums; and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds.
Effective: March 25, 1960
History: Created 1960 Ky. Acts ch. 173, sec. 11, effective March 25, 1960.
Effective: March 25, 1960
Terms Used In Kentucky Statutes 175.510
- authority: shall mean the Turnpike Authority of Kentucky. See Kentucky Statutes 175.410
- Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
- turnpike project: shall mean any express highway or superhighway or such part or parts thereof as may be constructed by the authority under the provisions of this chapter, including all bridges, tunnels, overpasses, underpasses, interchanges, entrance plazas, approaches, connecting highways, tollhouses, service stations, garages, restaurants, and administration, storage and other buildings and facilities which the authority may deem necessary for the operation of such project, together with all property, rights, easements and interests which may be acquired by the authority or by the department for the construction or the operation of such project. See Kentucky Statutes 175.410
History: Created 1960 Ky. Acts ch. 173, sec. 11, effective March 25, 1960.