Kentucky Revised Statutes Title IX. Counties, Cities, and Other Local Units § 66.161.Issuing bonds or obligations to fund or refund outstanding bonds

(1) Upon the determination of the governing body that the issuance will be in the issuer's best interest, the issuer may:

(2) Bonds may be issued pursuant to this section to fund or refund all or any portion of the outstanding bonds, whether or not the bonds to be funded or refunded were issued subject to call or redemption prior to maturity, or are the original bonds, or are themselves refunding bonds.

(3) Moneys derived from the proceeds of bonds issued pursuant to this section to fund or refund bonds shall, to the extent required by the legislation or proceedings, be placed in an escrow fund, which may be in the sinking fund, and pledged for the purpose of funding or refunding the refunded bonds and shall be used, together with any other available funds as provided in this section, for that purpose. When the issuer has placed in escrow moneys derived from proceeds of refunding bonds or obligations or otherwise, or investments, or a combination of both, determined to be sufficient, with the interest or other investment income accruing on those investments, for the payment of debt charges on the refunded bonds, the refunded bonds shall no longer be considered to be outstanding, shall not be considered for purposes of determining any limitation, direct or indirect, on the net indebtedness of the issuer, and the levy of taxes or other charges for the payment of debt charges on the refunded bonds under this chapter.

(4) The authority granted by this section is in addition to and not a limitation on any other authorizations granted by or pursuant to law for the same or similar purposes.