67A.924 Ad valorem tax levy to retire bonds. - Kentucky Statutes

Download pdf

Loading PDF...

67A.924 Ad valorem tax levy to retire bonds. In order to accomplish its purposes the authority, through its board, may request the
legislative body of the urban-county government in which it is located to levy an ad
valorem tax on all property within the parking district which is assessed for local
taxation, at a rate, which, when calculated in connection with other revenues of the
authority, shall not exceed the amount necessary to amortize any bonds issued or
proposed to be issued to finance the project or projects proposed by the authority, plus
operating expenses of the authority. All ad valorem taxes authorized by this chapter shall
be collected in the same manner as are all other ad valorem taxes and shall be turned over
to the board of commissioners as the governing body of the authority. Such taxes shall be
solely for the benefit and purposes of the authority and shall be in addition to all other
taxes. The legislative body may levy the ad valorem tax so requested initially and from
year to year thereafter if required in conjunction with other revenues, to amortize any
bonds issued or proposed for a project not disapproved under the authority of this chapter. Effective: June 19, 1976
History: Created 1976 Ky. Acts ch. 287, sec. 16, effective June 19, 1976.