96.537 City operated natural gas distribution system -- Bonds -- Negotiated sale. The legislative body of any city operating a municipal system for the acquisition and <br>distribution of natural gas may, by ordinance, authorize the issuance of revenue bonds to <br>pay all or any part of the costs of any project for the improvement or extension of the <br>system, or for obtaining new sources of supply. The revenue bonds may be sold and <br>issued in the manner provided for the sale and issuance of revenue bonds under the <br>provisions of KRS 58.010 to 58.140, 58.150, 58.155, and 58.180, including by negotiated <br>sale, or, upon a determination of a legislative body, acting upon the advice of the city <br>attorney or city solicitor, that the proposed bonds will be industrial development bonds <br>within the meaning of federal statutes, the revenue bonds, whether or not exempt from <br>federal income taxation, may be sold in any manner provided for the sale of industrial <br>building revenue bonds under the terms of KRS 103.200 to 103.285, inclusive; provided, <br>however, that the contract with the private corporation which is deemed to give rise to the <br>federal classification of industrial development bonds need not take the form of a lease <br>agreement, and no request in writing from any contracting private corporation shall be <br>required for any negotiated sale, and provided, further, that in the event of a negotiated <br>sale, a report of negotiations shall be made to a consultant who shall be employed by the <br>city to make a recommendation to the legislative body on the adequacy of such <br>negotiations and of the terms of sale in the light of market conditions. The provisions of <br>KRS 424.360 shall not apply to any negotiated sale under this section. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 286, sec. 1, effective July 14, 2000. -- Created 1976 Ky. Acts ch. 64, sec. 1, effective March 18, 1976.
96.537 City operated natural gas distribution system -- Bonds -- Negotiated sale. The legislative body of any city operating a municipal system for the acquisition and <br>distribution of natural gas may, by ordinance, authorize the issuance of revenue bonds to <br>pay all or any part of the costs of any project for the improvement or extension of the <br>system, or for obtaining new sources of supply. The revenue bonds may be sold and <br>issued in the manner provided for the sale and issuance of revenue bonds under the <br>provisions of KRS 58.010 to 58.140, 58.150, 58.155, and 58.180, including by negotiated <br>sale, or, upon a determination of a legislative body, acting upon the advice of the city <br>attorney or city solicitor, that the proposed bonds will be industrial development bonds <br>within the meaning of federal statutes, the revenue bonds, whether or not exempt from <br>federal income taxation, may be sold in any manner provided for the sale of industrial <br>building revenue bonds under the terms of KRS 103.200 to 103.285, inclusive; provided, <br>however, that the contract with the private corporation which is deemed to give rise to the <br>federal classification of industrial development bonds need not take the form of a lease <br>agreement, and no request in writing from any contracting private corporation shall be <br>required for any negotiated sale, and provided, further, that in the event of a negotiated <br>sale, a report of negotiations shall be made to a consultant who shall be employed by the <br>city to make a recommendation to the legislative body on the adequacy of such <br>negotiations and of the terms of sale in the light of market conditions. The provisions of <br>KRS 424.360 shall not apply to any negotiated sale under this section. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 286, sec. 1, effective July 14, 2000. -- Created 1976 Ky. Acts ch. 64, sec. 1, effective March 18, 1976.
96.537 City operated natural gas distribution system -- Bonds -- Negotiated sale. The legislative body of any city operating a municipal system for the acquisition and <br>distribution of natural gas may, by ordinance, authorize the issuance of revenue bonds to <br>pay all or any part of the costs of any project for the improvement or extension of the <br>system, or for obtaining new sources of supply. The revenue bonds may be sold and <br>issued in the manner provided for the sale and issuance of revenue bonds under the <br>provisions of KRS 58.010 to 58.140, 58.150, 58.155, and 58.180, including by negotiated <br>sale, or, upon a determination of a legislative body, acting upon the advice of the city <br>attorney or city solicitor, that the proposed bonds will be industrial development bonds <br>within the meaning of federal statutes, the revenue bonds, whether or not exempt from <br>federal income taxation, may be sold in any manner provided for the sale of industrial <br>building revenue bonds under the terms of KRS 103.200 to 103.285, inclusive; provided, <br>however, that the contract with the private corporation which is deemed to give rise to the <br>federal classification of industrial development bonds need not take the form of a lease <br>agreement, and no request in writing from any contracting private corporation shall be <br>required for any negotiated sale, and provided, further, that in the event of a negotiated <br>sale, a report of negotiations shall be made to a consultant who shall be employed by the <br>city to make a recommendation to the legislative body on the adequacy of such <br>negotiations and of the terms of sale in the light of market conditions. The provisions of <br>KRS 424.360 shall not apply to any negotiated sale under this section. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 286, sec. 1, effective July 14, 2000. -- Created 1976 Ky. Acts ch. 64, sec. 1, effective March 18, 1976.
