65.694 Pledge of increments for bond payment -- Precedence of pledges. - Kentucky Statutes

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Page 1 of 1 65.694 Pledge of increments for bond payment -- Precedence of pledges. Any city or county may pledge increments to the payment of increment bonds by an
ordinance adopted by the governing body or by a grant contract adopted by ordinance.
Any pledge of increments adopted under this section shall, as to the increments, but not as
to any other revenues, be superior to any other pledge of revenues for any other purpose
and shall, from the effective date of the ordinance to the termination date, supersede any
statute or ordinance regarding the application or use of increments. No ordinance in
conflict with an ordinance pledging increments shall be adopted while any increment
bonds secured by that pledge remain outstanding. Ordinances pledging increments on a
subordinate basis to any existing pledges may be adopted. Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 338, sec. 12, effective July 15, 2002. -- Created 2000 Ky. Acts ch. 358, sec. 8, effective July 14, 2000.