67A.886 Bonds not indebtedness of government. - Kentucky Statutes

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67A.886 Bonds not indebtedness of government. Each of the bonds shall bear on its face the statement that it has been issued under the
provisions of KRS 67A.871 to 67A.894 and that it does not constitute an indebtedness of
the government within the meaning of the Constitution of Kentucky. The bonds and the
receipt of interest thereon shall not be subject to taxation. The bonds and the interest
thereon shall be payable solely and only from the proceeds of the annual improvement
benefit assessments levied by the government from time to time upon the properties
benefited by the project identified in the bonds and from the debt service reserve fund; the
government shall become directly and personally liable to the bondholders for any
deficiencies which may arise as a direct result of failure by the government to pursue to
exhaustion and in timely fashion all remedies lawfully available in the collection of such
improvement assessments. Effective: March 30, 1976
History: Created 1976 Ky. Acts ch. 371, sec. 16, effective March 30, 1976.