Kentucky Revised Statutes Title IX. Counties, Cities, and Other Local Units § 67A.810.Procedure where no bids received on offered bonds

(1) The entire bond issue authorized by the Third Ordinance may be awarded to the contractor, or contractors, if it or they shall submit to, and obtain formal approval by, the governing body of the urban-county government, of a written undertaking (approval as to form and substance by the government's duly designated legal counsel):

(2) Bonds equal to the amount, or amounts, of the contracts of the contractor, or contractors, who are signatories of a written instrument agreeing to accept the same in payment thereof, approved as to form and substance by the urban-county government's properly designated legal counsel, may be awarded to such contractor, or contractors, in the event the urban-county government is able to, and does, (within constitutional restrictions) appropriate from available funds a sum in cash sufficient to defray all costs of the project, as defined in KRS 67A.710 to 67A.825, in excess of the amount of such construction contract, or the aggregate of the several contracts. In such event, the sum so appropriated by the governing body of the urban-county government shall be applied to the payment of such costs;

(3) In the event of procedure as set forth in either subsection (1) or (2) of this section, the bonds awarded to the contractor, or contractors (other than those paid for in cash as set forth in the foregoing subsection (1)), shall be placed by the urban-county government, in escrow, with a responsible financial institution, with written instructions that the same may be released to the contractor, or contractors, from time to time, but in principal amount not exceeding seventy-five percent (75%) of the amount certified in writing by the engineer, or engineers, to the said escrow agent, and the urban-county government, to have been theretofore earned by and payable to the identified contractor, or contractors, under the terms and conditions of their respective contracts. Upon final approval and acceptance of the project by the governing body, the reserved twenty-five percent (25%) of such bonds may be released and delivered to such contractor, or contractors.