67A.775 Bonds not to constitute debt of urban-county government -- Tax exemption -- Liquidation -- Extent of liability to bondholders. - Kentucky Statutes

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67A.775 Bonds not to constitute debt of urban-county government -- Tax exemption -- Liquidation -- Extent of liability to bondholders. Each of said bonds shall bear on its face the statement that it has been issued under KRS
67A.710 to 67A.825, and that it does not constitute an indebtedness of the urban-county
government within the meaning of the Constitution. The bonds, and the receipt of interest
thereon, shall not be subject to taxation. The bonds shall have all the qualities and
incidents of negotiable instruments. The bonds, and the interest thereon, shall be payable
exclusively from the proceeds of the annual improvement assessments levied upon the
properties benefited by the project identified in the bonds; but the urban-county
government shall become directly and personally liable to the bondholders for any
deficiencies which may arise from its failure to pursue to exhaustion, and in timely
fashion, all remedies lawfully available in the collection of such improvement
assessments. Effective: June 21, 1974
History: Created 1974 Ky. Acts ch. 394, sec. 14, effective June 21, 1974.