Kentucky Statutes 247.950 – Issuance of bonds or notes by corporation
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(1) The corporation is hereby authorized to provide for the issuance in its lending agency capacity and in its issuing agency capacity, at one (1) time or from time to time, of bonds, notes, renewal notes, refunding bonds, interim certificates, certificate of indebtedness, debentures, warrants, commercial paper, or other obligations or evidences of indebtedness, hereinafter collectively referred to as “bonds or notes” of the corporation in an amount not to exceed five hundred million dollars ($500,000,000). The principal of and the interest on these bonds or notes shall be payable solely from the funds herein provided for the payment. Notes may be made payable from the proceeds of the bonds or renewal notes or, in the event bond or renewal note proceeds are not available, the notes may be paid from any available revenues or assets of the corporation.
(2) Bonds or notes of each issue shall be dated and may be redeemable prior to maturity at the option of the corporation under terms and conditions as may be determined by the corporation.
(3) Bonds or notes shall bear interest at such rate or rates as may be determined by the corporation at a publicly advertised competitive sale or, at the discretion of the corporation, upon a private, negotiated basis.
(4) Bonds or notes shall mature as to principal and shall be payable as to interest upon the terms as the corporation shall determine in light of the conditions of the municipal bond market at the time of their authorization; provided, however, that obligations issued to finance personal property shall not have a term in excess of the expected useful life of the property financed.
(5) The corporation shall determine the form and manner of the execution of the bonds or notes, denominations, medium, and places of payment. In the event any officer of the corporation whose signature or a facsimile of whose signature shall appear on any bonds or notes attached thereto shall cease to be an officer before the delivery thereof, the signature or facsimile shall nevertheless be valid and sufficient for all purposes as if said party had remained in office until delivery.
(6) The proceeds of any bonds or notes shall be used solely for the purposes for which issued and shall be disbursed in a manner and under restrictions as the corporation may determine in its bond resolution authorizing the issuance thereof or in the trust agreement.
(7) Bonds or notes of the corporation may be sold for a price in a manner and from time to time as may be determined by the corporation to be most beneficial, and the corporation may pay all expenses, premiums, fees, or commissions which it may deem necessary or advantageous in connection with the issuance and sale thereof, subject to the provisions of KRS § 247.940 to KRS § 247.978.
(8) The bonds or notes may be issued in coupon or in registered form, or both, and provision may be made for the registration of any coupon bonds or notes as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds or notes of any bonds or notes registered as to both principal and interest, and for the interchange of registered and coupon bonds or notes.
(9) Prior to the preparation of definitive bonds, the corporation may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds shall have been executed and are available for delivery. The corporation may also provide for the replacement of any bonds or notes which shall become mutilated or shall be destroyed or lost.
Effective: July 13, 1990
History: Amended 1990 Ky. Acts ch. 440, sec. 6, effective July 13, 1990. — Created
1984 Ky. Acts ch. 374, sec. 6, effective April 11, 1984.
(2) Bonds or notes of each issue shall be dated and may be redeemable prior to maturity at the option of the corporation under terms and conditions as may be determined by the corporation.
Terms Used In Kentucky Statutes 247.950
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Personal property: All property that is not real property.
(3) Bonds or notes shall bear interest at such rate or rates as may be determined by the corporation at a publicly advertised competitive sale or, at the discretion of the corporation, upon a private, negotiated basis.
(4) Bonds or notes shall mature as to principal and shall be payable as to interest upon the terms as the corporation shall determine in light of the conditions of the municipal bond market at the time of their authorization; provided, however, that obligations issued to finance personal property shall not have a term in excess of the expected useful life of the property financed.
(5) The corporation shall determine the form and manner of the execution of the bonds or notes, denominations, medium, and places of payment. In the event any officer of the corporation whose signature or a facsimile of whose signature shall appear on any bonds or notes attached thereto shall cease to be an officer before the delivery thereof, the signature or facsimile shall nevertheless be valid and sufficient for all purposes as if said party had remained in office until delivery.
(6) The proceeds of any bonds or notes shall be used solely for the purposes for which issued and shall be disbursed in a manner and under restrictions as the corporation may determine in its bond resolution authorizing the issuance thereof or in the trust agreement.
(7) Bonds or notes of the corporation may be sold for a price in a manner and from time to time as may be determined by the corporation to be most beneficial, and the corporation may pay all expenses, premiums, fees, or commissions which it may deem necessary or advantageous in connection with the issuance and sale thereof, subject to the provisions of KRS § 247.940 to KRS § 247.978.
(8) The bonds or notes may be issued in coupon or in registered form, or both, and provision may be made for the registration of any coupon bonds or notes as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds or notes of any bonds or notes registered as to both principal and interest, and for the interchange of registered and coupon bonds or notes.
(9) Prior to the preparation of definitive bonds, the corporation may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds shall have been executed and are available for delivery. The corporation may also provide for the replacement of any bonds or notes which shall become mutilated or shall be destroyed or lost.
Effective: July 13, 1990
History: Amended 1990 Ky. Acts ch. 440, sec. 6, effective July 13, 1990. — Created
1984 Ky. Acts ch. 374, sec. 6, effective April 11, 1984.