162.380 Bonds are obligations of governing body -- Resolution constitutes contract. The bonds issued under authority of KRS 162.350 shall be obligations only of the governing body of the institution, payable as to both principal and interest from the revenues as pledged for that purpose. In no event shall they be considered a debt for which the credit of the state is pledged. Any resolution adopted under the provisions of KRS 162.350 or 162.360 shall constitute a contract between the governing body of the institution and the holder of any bond or coupon and shall be binding in all respects upon the governing body of the institution and its successors. Effective: July 13, 1990 History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 579, effective July 13, 1990. -- Amended 1958 Ky. Acts ch. 147, sec. 4. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4535m-13.
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