65.7059 Issuance of increment bonds by local governments.

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Page 1 of 1 65.7059 Issuance of increment bonds by local governments. Any city, county, or agency with bonding authority may issue increment bonds and may pledge incremental revenues to the payment of the increment bonds. (1) Increment bonds shall be issued, administered, and regulated by ordinance adopted by the governing body which shall: (a) Declare the necessity of the incremental bond issue; (b) State the principal amount or maximum principal amount of the increment bonds to be issued; (c) State the purpose of the increment bond issue; (d) State or provide for the date of, and the dates and amounts or maximum amount of, maturities or principal payments on the increment bonds; (e) State any provisions for a special fund, mandatory sinking fund, mandatory sinking fund redemption, or for redemption prior to maturity; (f) Provide for the rate or rates of interest, or maximum rate or rates of interest, or the method for establishing the rate or rates of interest to be paid on the increment bonds; (g) State any provision for a designated officer of the issuer to determine any of the specific terms required to be stated or provided for in this subsection, subject to any limitations stated in the proceedings; (h) If the increment bonds are payable solely from incremental revenues, include a determination that the incremental revenues are adequate to make the debt charges so long as the increment bonds are outstanding; and (i) Include any other provisions deemed appropriate by the governing body. (2) Increment bonds issued pursuant to this section shall not mature on a date beyond the termination date of the development area or local development area. (3) Increment bonds may also be issued to fund or refund all or any portion of outstanding increment bonds. Any increment bonds issued under this section shall mature as determined by the governing body consistent with the termination date. (4) The provisions of KRS 66.021, 66.031, 66.041, 66.045, 66.071, 66.091, 66.121, 66.131, 66.141, 66.151, 66.171, 66.181, and 66.191 shall apply to the issuance of increment bonds insofar as they do not conflict with the provisions of KRS 65.7041 to 65.7083. If they do conflict, the provisions of KRS 65.7041 to 65.7083 shall apply. Effective: March 23, 2007 History: Created 2007 Ky. Acts ch. 95, sec. 10, effective March 23, 2007.