65.2004 Periodic payment of damages. - Kentucky Statutes

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65.2004 Periodic payment of damages. (1) Upon motion of a local government against which final judgment has been rendered for a claim within the scope of KRS 65.200 to 65.2006, the court, in accordance
with subsection (2) of this section, may include in such judgment a requirement that
the judgment be paid in whole or in part by periodic payments. Periodic payments
may be ordered paid over a period of time not exceeding ten (10) years. Any
periodic payment, upon becoming due under the terms of the judgment, shall
constitute a separate judgment. Any judgment ordering any such payments shall
specify the total amount awarded, the amount of each payment, the interval between
payments and the number of payments to be paid under the judgment. Judgments
paid pursuant to this section shall bear interest accruing from the date final
judgment is entered, at the interest rate as specified in KRS 360.040. For good
cause shown, the court may modify such judgment with respect to the amount of
such payments and the number of payments, but the total amount of damages
awarded by such judgment shall not be subject to modification in any event and
periodic payments shall not be ordered paid over a period in excess of ten (10)
years. (2) A court may order periodic payment only upon finding that: (a) Payment of the judgment is not totally covered by insurance; and
(b) Funds for the current budget year and other funds of the local government which lawfully may be utilized to pay judgments are insufficient to finance
both the adopted budget of expenditures for the year and the payment of that
portion of the judgment not covered by insurance. Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 224, sec. 19, effective July 15, 1988.