76.365 Issuance of sewer construction bonds for amount of unpaid assessments -- Interest, maturity, payment. - Kentucky Statutes

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76.365 Issuance of sewer construction bonds for amount of unpaid assessments -- Interest, maturity, payment. (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, and
shall give notice that it proposes to issue bonds, giving the amount of bonds to be
issued, 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 at least 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 sewer
construction 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. (4) Enforcement of payment of assessment and interest shall be by suit. Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 14, effective July 15, 1996. -- Created 1952 Ky. Acts ch. 69, sec. 16, effective June 19, 1952.