(A) The Agency may, from time to time, issue its negotiable interest-bearing revenue bonds for any of its corporate purposes, and it may also, from time to time, issue its negotiable interest-bearing revenue bonds to refund any of its bonds at maturity or pursuant to redemption provisions, or at any time before maturity with the consent of the holders. All the bonds, including interest, are payable solely from and secured only by the revenues of the Agency realized through the collection of rates or other charges, imposed for use of the facilities of the Agency. The bonds shall be authorized by resolution of the Board and shall bear the dates, mature at the times not exceeding 40 years from their respective dates, bear interest at the rate or rates, or method of determining rates, payable at least annually, be in the denominations and form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in the medium of payment at the place, and be subject to the terms of redemption, with or without premium, as the resolutions provide. The bonds shall be sold at public sale for the price the Board determines.
(B) Any resolution authorizing any bonds may contain provisions which shall be a part of the contract with the holders of the bonds as to:
(1) Pledging all or any part of the gross or net revenues of the Agency to secure the payment of the bonds and interest on the bonds;
(2) The amounts to be raised in each year by rates and charges, and their use and disposition, and of any other revenues of the Agency;
(3) The setting aside of reserves or sinking funds and their regulation and disposition;
(4) Limitations on the right of the Agency to restrict and regulate the use of its facilities;
(5) Limitations on the purposes to which the proceeds of sale of any issue of bonds to be issued may be applied;
(6) Limitations on the issuance of additional bonds; and
(7) The procedure, if any, by which the term of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent, and the manner in which the consent may be given.
(C) The bonds or other obligations of the Agency shall not constitute an obligation or indebtedness of the City of Paducah or of the county and it shall be plainly stated on the face of each bond of the Agency that it has been issued under the provisions of this chapter, and that it does not constitute an indebtedness of the City of Paducah or the county. All bonds authorized may be issued without a vote of the voters and without any other proceedings or happenings of any other conditions or things than those proceedings, conditions and things described herein. The bonds shall be signed in the name of the Agency by the Chairperson or Vice Chairperson of the Board, and attested by the signature of the Secretary-Treasurer.
(Ord. 98-3, passed 9-14-1998)