(A) The city may provide funds for the carrying out of the purposes hereunder by the issuance and sale of revenue bonds. The city may, from the proceeds of the bonds, reimburse its General Fund for any expenditures for such purposes made by it before sale and delivery of the bonds. The bonds shall not constitute an indebtedness of the city but shall be secured by such revenues as the Board of Commissioners by ordinance provides. The Board of Commissioners may pledge all or any part of one (1) or more of the following:
(1) The revenues derived from the property acquired or constructed from the proceeds of such bonds;
(2) Any revenues of any other similar project whether acquired from the proceeds of similar bonds or otherwise;
(3) Any revenues derived by the city from street parking meters.
(B) The bonds shall be designated on their face “Public Off-Street Parking Facilities Revenue Bonds”. It shall be plainly stated on the face of each bond that it has been issued under the appropriate statutory provisions and that it does not constitute an indebtedness of the city within the meaning of any constitutional provisions or limitations, or at all. The bonds shall be authorized by ordinance of the Board of Commissioners. The bonds shall be dated, shall bear interest at rates not exceeding six and one-half percent (6-1/2%) per annum, shall be in the denominations, shall be payable at the place, which may be at any bank within or without the Commonwealth, shall mature at the time not exceeding forty (40) years from their date, and may be made redeemable before maturity, at the option of the city, at prices and under the terms and conditions, and shall be executed in the form and manner, all as fixed by the Board of Commissioners prior to the issuance of the bonds. The Board of Commissioners shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds. In case any officer whose signature appears on any bonds or coupons ceases to be such officer before the delivery of the bonds, such signatures shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office upon delivery. The bonds may be issued in coupons in registered form, or both, as the Board of Commissioners may determine, and provision may be made for the registration of any coupon bond as to principal alone and also as to both principal and interest and for the reconversion of any bond registered as to both principal and interest into coupon bonds. Such bonds shall be exempt from taxation by the Commonwealth of Kentucky and by the city and any political subdivision of the Commonwealth or the city to the extent permitted by law. Such bonds may be issued without a vote of voters and without any other proceedings, or happenings or any other conditions, or things other than those proceedings, conditions and things which are specified and required by Kentucky Revised Statutes.
(C) The Board of Commissioners may authorize the sale of the bonds in the manner and for the price it determines to be for the best interest of the city, but no sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six and one-half percent (6-1/2%) per annum, computed with relation to the absolute maturity of the bonds and in accordance with standard tables of bond values. If the proceeds of the bonds by error or calculation or otherwise are less than the cost of the facilities for which the bonds are authorized, additional bonds may in like manner be issued to provide the amount of the deficit, unless otherwise provided in the ordinance authorizing the issuance of the bonds, shall be deemed to be of the same issue, and shall be entitled to payment from the same funds without preference or priority of the bonds first issued. The ordinance authorizing the bonds may make such other conditions and provisions therefor, including provisions for the issuing of additional bonds and prescribing the relative priority thereof as the Board of Commissioners deems desirable. Bonds issued pursuant to the Kentucky Revised Statutes shall have and are hereby declared to have, in the hands of a bona fide holder, all of the qualities of a negotiable instrument under the Uniform Commercial Code.
(Ord. 0-85-008, passed 5-13-85)