<br><br>58.030 Interest rate and maturity of bonds -- Leasing of project -- Acceptance of <br>donations and government aid. <br>(1) The bonds may be issued to bear interest at the rate or rates or method of <br>determining rates, payable at least annually, and shall be executed in such manner, <br>and be payable at such times not exceeding forty (40) years from date thereof and at <br>such place or places as the governmental agency determines. <br>(2) The bonds may provide that they or any of them may be called for redemption prior <br>to maturity, on any date not earlier than one (1) year from the date of issuance of the <br>bonds, under conditions fixed by the governmental agency before issuing the bonds. <br>(3) Any governmental agency is authorized to rent or lease such public project or any <br>portion thereof to or contract concerning same with any persons, partnerships, <br>associations, or corporations either public or private, profit or nonprofit. <br>Notwithstanding any of the other provisions of KRS 58.010 to 58.140 or any other <br>laws, any such renting, leasing, or contracting may be accomplished without the <br>necessity of awarding such lease or contract by advertisement or competitive <br>bidding, provided the governmental agency so leasing such project or any portion <br>thereof or contracting concerning same first makes a legislative determination that it <br>is in the best interest of such governmental agency to enter into such lease or <br>contract without the necessity for such advertisement or competitive bidding; and <br>such lease may provide that the lessee therein is permitted or obligated to sublease <br>the project or any portion thereof for the purpose of accomplishing the creation, <br>improvement, revitalization, renewal or modernization of a central business or <br>shopping community. <br>(4) A governmental agency is empowered to accept donations or gifts to the public <br>project from any source and to accept appropriations and grants to the public project <br>from the federal government or its agencies and appropriations from the state or any <br>county, city, or other political subdivision and, at the option of the governmental <br>agency, to pledge such donations, gifts, or appropriations to the payment of revenue <br>bonds issued to finance the cost of a public project. <br>Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 2, effective July 15, 1996. -- Amended <br>1968 Ky. Acts ch. 110, sec. 3; and ch. 154, sec. 2. -- Amended 1948 Ky. Acts <br>ch. 226, sec. 1. -- Created 1946 Ky. Acts ch. 126, sec. 3. <br><br>