1. (1) Bonds issued by an issuer shall bear interest at a rate or rates as provided for in the legislation authorizing the bonds. Interest payable on the bonds may be determined at a variable rate or rates, which may change from time to time in accordance with a base, formula, or standard, including determination at whatever rate is required to sell or remarket the bonds on the open market, or other floating rate interest structure, identified or approved by the governing body.
2. (2) An issuer may issue bonds subject to call or redemption prior to maturity at a redemption price as determined by the governing body.

Effective: July 15, 1996

History: Created 1996 Ky. Acts ch. 280, sec. 12, effective July 15, 1996.