State Codes and Statutes

Statutes > Kentucky > 080-00 > 560

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80.560 No personal or governmental liability on bonds -- Tax exemption. Neither the members nor any person executing the bonds shall be liable personally on the <br>bonds by reason of the issuance thereof. The bonds and other obligations of an authority <br>(and such bonds and obligations shall so state on their face) shall not be a debt of the city, <br>the county, the Commonwealth or any political subdivision thereof and neither the city or <br>the county, nor the Commonwealth or any political subdivision thereof shall be liable <br>thereon, nor in any event shall such bonds or obligations be payable out of any funds or <br>properties other than those of the authority. The bonds shall not constitute an <br>indebtedness within the meaning of any constitutional or statutory debt limitation or <br>restriction. Bonds of an authority are declared to be issued for an essential public and <br>governmental purpose and to be public instrumentalities and, together with interest <br>thereon and income therefrom, shall be exempt from taxes. History: Created 1942 Ky. Acts ch. 70, sec. 26.

State Codes and Statutes

Statutes > Kentucky > 080-00 > 560

Download pdf
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80.560 No personal or governmental liability on bonds -- Tax exemption. Neither the members nor any person executing the bonds shall be liable personally on the <br>bonds by reason of the issuance thereof. The bonds and other obligations of an authority <br>(and such bonds and obligations shall so state on their face) shall not be a debt of the city, <br>the county, the Commonwealth or any political subdivision thereof and neither the city or <br>the county, nor the Commonwealth or any political subdivision thereof shall be liable <br>thereon, nor in any event shall such bonds or obligations be payable out of any funds or <br>properties other than those of the authority. The bonds shall not constitute an <br>indebtedness within the meaning of any constitutional or statutory debt limitation or <br>restriction. Bonds of an authority are declared to be issued for an essential public and <br>governmental purpose and to be public instrumentalities and, together with interest <br>thereon and income therefrom, shall be exempt from taxes. History: Created 1942 Ky. Acts ch. 70, sec. 26.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 080-00 > 560

Download pdf
Loading PDF...


80.560 No personal or governmental liability on bonds -- Tax exemption. Neither the members nor any person executing the bonds shall be liable personally on the <br>bonds by reason of the issuance thereof. The bonds and other obligations of an authority <br>(and such bonds and obligations shall so state on their face) shall not be a debt of the city, <br>the county, the Commonwealth or any political subdivision thereof and neither the city or <br>the county, nor the Commonwealth or any political subdivision thereof shall be liable <br>thereon, nor in any event shall such bonds or obligations be payable out of any funds or <br>properties other than those of the authority. The bonds shall not constitute an <br>indebtedness within the meaning of any constitutional or statutory debt limitation or <br>restriction. Bonds of an authority are declared to be issued for an essential public and <br>governmental purpose and to be public instrumentalities and, together with interest <br>thereon and income therefrom, shall be exempt from taxes. History: Created 1942 Ky. Acts ch. 70, sec. 26.

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