Kentucky Statutes 66.101 – Contents of legislation authorizing issuance
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(1) A city or county by ordinance and a taxing district by resolution shall enact debt provisions which:
(a) Declare the necessity of the bond issue;
(b) State the principal amount or maximum principal amount of the bonds to be issued;
(c) State the purpose of the bond issue;
(d) State or provide for the date of, and the dates and amounts or maximum amounts of, maturities or principal payments on the bonds;
(e) State any provisions for a mandatory sinking fund, mandatory sinking fund redemption, or for redemption prior to maturity;
(f) Provide for the rate or rates of interest, or maximum rate or rates of interest, or the method from time to time for establishing or determining the rate or rates of interest to be paid on the bonds; and
(g) State any provision for a designated officer of the issuer to determine any of the specific terms required to be stated or provided for in this section, subject to any limitations stated in the proceedings.
(2) Legislation passed under this section shall identify the source or sources of payment of debt charges on the bonds, which may be any moneys of the issuer required by law to be used, or lawfully available. The legislation shall provide for the levying of a tax sufficient in amount to pay the debt charges on the bonds issued under the legislation, but the amount of that tax to be levied or collected in any year may be reduced by the amount lawfully available from existing taxes.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 280, sec. 10, effective July 15, 1996.
(a) Declare the necessity of the bond issue;
Terms Used In Kentucky Statutes 66.101
- Bonds: means bonds, notes, commercial paper, and other instruments in writing, authorized by or issued pursuant to or in accordance with this chapter, to evidence an obligation to repay or guarantee the repayment of money borrowed, or to pay interest by, or to pay at any future time other money obligations. See Kentucky Statutes 66.011
- City: includes town. See Kentucky Statutes 446.010
- Debt charges: means the principal, including any mandatory sinking fund deposits, interest, and any redemption premium, payable on bonds as the payments come due and are payable and any charges related to credit enhancement facilities. See Kentucky Statutes 66.011
- Issuer: means a county, city, urban-county, charter county, or other taxing district, and for purposes of making any determinations required under this chapter, may include an authorized representative of the issuer. See Kentucky Statutes 66.011
- Legislation: means an ordinance or resolution passed by a governing body. See Kentucky Statutes 66.011
- Sinking fund: means a fund established for the management of moneys to be used for the retirement of outstanding bonds. See Kentucky Statutes 66.011
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Taxing district: means an issuer, other than a county, city, urban-county, or charter county authorized to levy ad valorem taxes within the meaning of Section 157 of the Constitution of Kentucky which is not a school district. See Kentucky Statutes 66.011
- Year: means calendar year. See Kentucky Statutes 446.010
(b) State the principal amount or maximum principal amount of the bonds to be issued;
(c) State the purpose of the bond issue;
(d) State or provide for the date of, and the dates and amounts or maximum amounts of, maturities or principal payments on the bonds;
(e) State any provisions for a mandatory sinking fund, mandatory sinking fund redemption, or for redemption prior to maturity;
(f) Provide for the rate or rates of interest, or maximum rate or rates of interest, or the method from time to time for establishing or determining the rate or rates of interest to be paid on the bonds; and
(g) State any provision for a designated officer of the issuer to determine any of the specific terms required to be stated or provided for in this section, subject to any limitations stated in the proceedings.
(2) Legislation passed under this section shall identify the source or sources of payment of debt charges on the bonds, which may be any moneys of the issuer required by law to be used, or lawfully available. The legislation shall provide for the levying of a tax sufficient in amount to pay the debt charges on the bonds issued under the legislation, but the amount of that tax to be levied or collected in any year may be reduced by the amount lawfully available from existing taxes.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 280, sec. 10, effective July 15, 1996.