67A.820 When assessments to cease -- Refund of surplus. - Kentucky Statutes

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67A.820 When assessments to cease -- Refund of surplus. The amount of the annual assessment collected and the debt service reserve and any
interest earned therefrom shall remain in the sinking fund. When the amount in the
sinking fund is sufficient to retire bonds at maturity, assessments shall cease. In the event
of a surplus after all bonds have been retired, the surplus shall be returned on a pro rata
basis to the property owners if in excess of one dollar ($1) per property. If less than one
dollar ($1), the surplus shall be transferred to the general fund of the urban-county
government. Effective: June 21, 1974
History: Created 1974 Ky. Acts ch. 394, sec. 23, effective June 21, 1974.