State Codes and Statutes

Statutes > Kentucky > 096-00 > 300

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96.300 Ability of board of waterworks to borrow money -- Issuance of bonds -- Limitation of indebtedness. The board of waterworks may borrow money for the purpose of meeting any of the <br>obligations of the waterworks corporation and for current expenses of the board. In <br>addition, the board may, after the commissioners of the sinking fund have by resolution <br>consented, issue the bonds of the waterworks corporation or issue bonds for the refunding <br>of bonds of the waterworks corporation, and these bonds may be issued and may be <br>secured by the revenues of the waterworks corporation; by a mortgage upon the rights, <br>privileges, franchises, and property of the corporation; or by both. The bonds may be <br>issued in denominations, with maturities, bear interest, and be payable, as may be in the <br>best interest of the waterworks corporation as determined by the board with the consent <br>of the commissioners of the sinking fund and as otherwise required by the laws of the <br>Commonwealth. No indebtedness, bonded or otherwise, may be authorized or consented <br>to if, as a result of that borrowing, the waterworks corporation's net aggregate debt service <br>on all outstanding indebtedness in any one year, multiplied by one and three-tenths (1.3), <br>will exceed the corporation's net income, determined in accordance with generally <br>accepted accounting principles, for the fiscal year immediately preceding the borrowing. Effective: July 14, 1992 <br>History: Amended 1992 Ky. Acts ch. 72, sec. 1, effective July 14, 1992. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3024a-<br>9.

State Codes and Statutes

Statutes > Kentucky > 096-00 > 300

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96.300 Ability of board of waterworks to borrow money -- Issuance of bonds -- Limitation of indebtedness. The board of waterworks may borrow money for the purpose of meeting any of the <br>obligations of the waterworks corporation and for current expenses of the board. In <br>addition, the board may, after the commissioners of the sinking fund have by resolution <br>consented, issue the bonds of the waterworks corporation or issue bonds for the refunding <br>of bonds of the waterworks corporation, and these bonds may be issued and may be <br>secured by the revenues of the waterworks corporation; by a mortgage upon the rights, <br>privileges, franchises, and property of the corporation; or by both. The bonds may be <br>issued in denominations, with maturities, bear interest, and be payable, as may be in the <br>best interest of the waterworks corporation as determined by the board with the consent <br>of the commissioners of the sinking fund and as otherwise required by the laws of the <br>Commonwealth. No indebtedness, bonded or otherwise, may be authorized or consented <br>to if, as a result of that borrowing, the waterworks corporation's net aggregate debt service <br>on all outstanding indebtedness in any one year, multiplied by one and three-tenths (1.3), <br>will exceed the corporation's net income, determined in accordance with generally <br>accepted accounting principles, for the fiscal year immediately preceding the borrowing. Effective: July 14, 1992 <br>History: Amended 1992 Ky. Acts ch. 72, sec. 1, effective July 14, 1992. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3024a-<br>9.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 096-00 > 300

Download pdf
Loading PDF...


96.300 Ability of board of waterworks to borrow money -- Issuance of bonds -- Limitation of indebtedness. The board of waterworks may borrow money for the purpose of meeting any of the <br>obligations of the waterworks corporation and for current expenses of the board. In <br>addition, the board may, after the commissioners of the sinking fund have by resolution <br>consented, issue the bonds of the waterworks corporation or issue bonds for the refunding <br>of bonds of the waterworks corporation, and these bonds may be issued and may be <br>secured by the revenues of the waterworks corporation; by a mortgage upon the rights, <br>privileges, franchises, and property of the corporation; or by both. The bonds may be <br>issued in denominations, with maturities, bear interest, and be payable, as may be in the <br>best interest of the waterworks corporation as determined by the board with the consent <br>of the commissioners of the sinking fund and as otherwise required by the laws of the <br>Commonwealth. No indebtedness, bonded or otherwise, may be authorized or consented <br>to if, as a result of that borrowing, the waterworks corporation's net aggregate debt service <br>on all outstanding indebtedness in any one year, multiplied by one and three-tenths (1.3), <br>will exceed the corporation's net income, determined in accordance with generally <br>accepted accounting principles, for the fiscal year immediately preceding the borrowing. Effective: July 14, 1992 <br>History: Amended 1992 Ky. Acts ch. 72, sec. 1, effective July 14, 1992. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3024a-<br>9.