<br><br>58.440 Refinancing at higher rate than that of original issue. <br>If any public body shall determine: <br>(1) That financing of a public project may be accomplished to the best advantage in the <br>public interest only by combining the same with refinancing of previously issued <br>and outstanding public obligations at a rate or rates of interest higher than the rate or <br>rates otherwise applicable thereto; <br>(2) That refinancing of a public project at a higher interest rate or rates is necessary in <br>order to prevent or anticipate default in payment of interest or principal of public <br>obligations with regard thereto; or <br>(3) That any combination of the circumstances described in subsection (1) or (2) of this <br>section exists; <br>then such refinancing is recognized to be lawful; provided, however, that prior to any <br>such refinancing at a higher rate or rates of interest, the issuing public body shall make <br>and spread at large upon its public records its determination that such action is necessary <br>or desirable in the public interest, and its reasons therefor. <br>Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 294, effective July <br>13, 1990. -- Created 1970 Ky. Acts ch. 24, sec. 4. <br><br>