Kentucky Revised Statutes Title VII. Public Property and Public Printing § 58.440.Refinancing at higher rate than that of original issue

(1) That financing of a public project may be accomplished to the best advantage in the public interest only by combining the same with refinancing of previously issued and outstanding public obligations at a rate or rates of interest higher than the rate or rates otherwise applicable thereto;

(2) That refinancing of a public project at a higher interest rate or rates is necessary in order to prevent or anticipate default in payment of interest or principal of public obligations with regard thereto; or

(3) That any combination of the circumstances described in subsection (1) or (2) of this section exists;