Having established the Commission, the City Council is hereby empowered to issue revenue bonds pursuant to KRS Chapter 58 for public projects. However, the Commission was established pursuant to KRS 91A.350(2) and not pursuant to KRS 91A.350(3) (dealing with local governing bodies of two or more counties), and therefore may not issue bonds in its own name. Bonds issued for purposes of KRS 91A.350 and the following may be used to pay any cost for the acquisition of real estate, the construction of buildings and appurtenances, the preparation of plans and specifications, and legal and other services incidental to the project or to the issuance of the bonds. The payment of the bonds, with interest, may be secured by a pledge of and a first lien on all of the receipts and revenue derived, or to be derived, from the rental or operation of the property involved. Bond and interest obligations issued pursuant to this section shall not constitute an indebtedness of the county or city. All bonds sold under the authority of this section shall be subject to competitive bidding as provided by law, and shall bear interest at a rate not to exceed that established for bonds issued for public projects under KRS Chapter 58.
(Ord. 001-01, passed 4-2-01; Am. Ord. 09-021, passed 6-7-21)