For the purpose of defraying the cost of acquiring any such waterworks and appurtenances or extensions thereto, either by purchase or construction, the city may borrow money and issue negotiable bonds, but only after an ordinance has been adopted specifying the proposed undertaking, the amount of bonds to be issued and the maximum rate of interest the bonds are to bear. The ordinance shall further provide that the proposed waterworks and appurtenances or extensions are to be acquired pursuant to the provisions of KRS 96.350 to 96.510.
KRS 96.370
Issuance of bonds -- Ordinance to authorize
Applied in 1 court decision — leading case Lynchburg Foundry Co. v. City of Pikeville (1952)
Most recently applied in Lynchburg Foundry Co. v. City of Pikeville (February 1952)
Effective: October 1, 1942 History: Recodified 1942 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.