74.180 Issuance of bonds or temporary financing of unpaid assessments. - Kentucky Statutes

Download pdf

Loading PDF...

74.180 Issuance of bonds or temporary financing of unpaid assessments. (1) If all assessments are not paid in full by thirty (30) days after notice of assessment, the commission may issue bonds for the amount of the unpaid assessments, or may
finance improvements on a temporary basis from district revenues or a loan to be
repaid when assessments are collected. If the commission decides to issue bonds, it
shall give notice that it proposes to issue bonds, giving the amount of bonds to be
issued, the rate of interest they are to bear, and the time they will become payable. (2) At the expiration of thirty (30) days after the publication, the commission may divide the unpaid assessments into not less than ten (10) annual installments, which
shall draw interest at the rate or rates or method of determining rates as the
commission deems best and be payable annually, from thirty (30) days after the date
of publication. The bonds shall mature in series to correspond with the installments
into which the unpaid assessments are divided, and shall draw interest at the rate or
rates or method of determining rates as the commission determines, be payable at
least annually, and be payable at some place to be designated by the commission.
The bonds shall be for the exclusive use and benefit of the water district and shall
designate on the face the name of the district and the purpose for which they were
issued. (3) The commission, in dividing the unpaid assessments into installments, shall fix the time for payment, and each landowner shall pay the installments due on his land,
with interest due on that installment and deferred installments, to the treasurer of
the commission on or before the time fixed by the commission for the maturity of
the installment. Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 7, effective July 15, 1996. -- Amended 1988 Ky. Acts ch. 104, sec. 5, effective July 15, 1988. -- Recodified 1942 Ky. Acts
ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 938g-11, 938g-13.