67A.755 Annual assessment -- Advance levy and payment -- Assessment for debt service reserve. - Kentucky Statutes

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67A.755 Annual assessment -- Advance levy and payment -- Assessment for debt service reserve. An annual assessment on each parcel of property for which bonds are issued shall be
levied according to the assessed value basis. The first such levy and each succeeding levy
shall be made in advance and shall be sufficient to pay the principal and interest on the
bonds. As a precaution against default and to provide a debt service reserve, the
governing body shall also assess and collect annually an amount equal to one-half of one
percent (0.5%) of the total amount of the principal and interest of the bonds. The advance
payment and debt service reserve shall be deposited in an interest bearing account. The
payments, reserve, and earnings shall be used to pay the last installment on the bonds. Effective: June 21, 1974
History: Created 1974 Ky. Acts ch. 394, sec. 10, effective June 21, 1974.