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36,272 statutes · page 1797 of 1814
United States — Kentucky legislation
20 statutes shown from 36,272 source-backed records
A municipal board may take steps to secure repayment of bonds, including pledging electric-service revenues and setting bond terms.
Bondholders covered by this statute may go to court to enforce their rights, including stopping unlawful acts and requiring the board and related officers to do what the bond covenants and duties require.
If bond payments default, a court may appoint a receiver for the electric plant on petition by holders of at least 25% of the outstanding bonds.
A municipality’s board or governing body may pay necessary preliminary electric-plant expenses from available municipal funds before bonds are issued, and those payments must be repaid right after the bonds are sold and delivered.
A municipality may choose to operate under this utility law by ordinance, and the mayor or chief executive may appoint a board with governing-body approval. Board members must qualify by bond and oath, and the board may not hire or appoint certain related persons.
A board of public utilities may set each member’s salary, but it cannot exceed $2,400 per year.
Board members serve set terms, and some vacancies or removals are handled by the mayor or chief executive officer and the governing body.
The board needs a quorum of a majority, must meet and elect officers, hold monthly public meetings, give advance public notice of meeting changes as practicable, and may set its own bylaws and procedures unless another rule says otherwise.
The board controls the municipal electric plant and must hire and supervise a superintendent, while the superintendent runs operations, hires employees, handles contracts, and keeps records.
Money from certain bonds, grants, and electric-service receipts must be put into separate bank account(s), and records of those receipts and their sources must be kept.
Bond sale proceeds must be used only to pay for acquiring or improving an electric plant, with limited board discretion to use them for bond interest.
The board must use most revenues for operating expenses, debts, plant costs, reserves, taxes or equivalents, and related obligations; any surplus must be used only to reduce rates, though the board may transfer surplus to the municipality’s general fund at the end of a 12-month period ending June 30 if stated condition
Boards must report property values and pay a tax equivalent to the state and local taxing jurisdictions.
The board must charge the municipality and its departments and works for electric service at the same rates used for other customers in similar conditions.
The board must keep complete and accurate records, report them to the governing body at least yearly, file a written copy with the municipal clerk or recorder, and comply with KRS Chapter 65A.
A municipality may issue general obligation bonds, but only within the stated constitutional and statutory limits and only with two-thirds voter approval for the issuance.
Before selling or disposing of most of a municipal electric plant inside the city, the board must adopt a detailed resolution, get municipal approval, and submit the question to voters; outside the city boundary, the board may dispose of plant property without an election.
Municipal resolutions and ordinances under KRS 96.550 to 96.900 take effect after passage, and they cannot be put to referendum or election unless that chapter expressly allows it.
Municipal electric plants under KRS 96.550 to 96.900 do not need Kentucky approvals to operate, and the Public Service Commission generally lacks control over them except to order service extensions in limited cases.
A municipality or board running an electric plant under KRS 96.550 to 96.900 must not compete with certain electric cooperatives or other municipal plants in the area they serve, but it may make cooperative service agreements.
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