Kentucky Statutes 66.141 – Manner of sale of bonds or notes
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Except for bonds which are also notes, bonds shall be sold by advertised competitive bid. Notes may be sold by competitive bid or at private negotiated sale in a manner determined or authorized by the issuer. Bonds may be sold at a price equal to a percent of their principal amount, plus accrued interest, and at an interest rate or rates not exceeding that determined by the issuer in accordance with the method of sale prescribed in this chapter.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 280, sec. 14, effective July 15, 1996.
Effective: July 15, 1996
Terms Used In Kentucky Statutes 66.141
- 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
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
- Notes: means bonds that mature no later than five (5) years from the date they are issued. See Kentucky Statutes 66.011
History: Created 1996 Ky. Acts ch. 280, sec. 14, effective July 15, 1996.