40.335 Revenue bonds -- Provisions -- Exempt from taxation -- Negotiability -- Conditions in authorizing resolution -- Sale of bonds -- Prior consent not required.
<br><br>40.335 Revenue bonds -- Provisions -- Exempt from taxation -- Negotiability -- <br>Conditions in authorizing resolution -- Sale of bonds -- Prior consent not <br>required. <br>(1) Revenue bonds issued under the provisions of KRS 40.330 and this section shall <br>state that they are issued pursuant to KRS 40.330 and this section and to the <br>provisions of KRS Chapters 56 and 58, as applicable. Revenue bonds issued under <br>the provisions of KRS 40.330 and this section and the interest thereon shall be <br>exempt from all taxation by the Commonwealth and its political subdivisions. <br>Revenue bonds issued under the provisions of KRS 40.330 and this section shall <br>have and are hereby declared to have all the incidents of negotiable instruments. <br>(2) The State Property and Buildings Commission, in each resolution authorizing the <br>issuance of revenue bonds under the provisions of KRS 40.330 and this section, <br>shall determine the following: <br>(a) The maturity date or dates of the revenue bonds; <br>(b) The manner in which interest shall be paid thereon; <br>(c) The terms of redemption applicable thereto; and <br>(d) Such other particulars of the revenue bonds not contrary to law or inconsistent <br>with KRS 40.330 and this section. <br>(3) Notwithstanding the provisions of KRS Chapters 56 and 58, revenue bonds issued <br>under the provisions of KRS 40.330 and this section may be sold by the State <br>Property and Buildings Commission, and the interest rates to be borne by such <br>bonds shall be determined, in such manner as the State Property and Buildings <br>Commission shall decide, including, without limitation, sale by private negotiation. <br>(4) No consent of any department, division, commission, board, bureau, or agency of <br>the Commonwealth other than the proceedings, conditions and other things which <br>are specifically required by KRS 40.330 and this section and KRS Chapters 56 and <br>58, shall be required for the issuance of revenue bonds under the provisions of KRS <br>40.330 and this section. <br>Effective: July 14, 2000 <br>History: Repealed, reenacted, and amended 2000 Ky. Acts ch. 147, sec. 8, effective <br>July 14, 2000. -- Created 1988 Ky. Acts ch. 437, Pt. X, sec. 2, effective April 15, <br>1988. <br>Formerly codified as KRS 36.370. <br><br>