76.366 Financing by revenue bonds. - Kentucky Statutes

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76.366 Financing by revenue bonds. (1) Any sewer construction district created in the manner provided in KRS 76.300 to 76.325, both inclusive, may if the commissioners of such sewer construction district
deem it feasible, build, or acquire or enlarge sewer or drainage facilities, including
treatment plants, without resort to the right to levy assessments for the cost of such
sewer or drainage facilities, including treatment plants, as is provided in KRS
76.340 to 76.365, both inclusive, and may obtain the funds with which to build,
acquire or enlarge such system by the issuance of revenue bonds, payable solely
from the revenue to be derived from the operation of such system. (2) In the event the commissioners shall decide to finance the cost of such construction, acquisition or enlargement by the issuance of revenue bonds, secured solely by the
revenue of the system, the commission shall note such decision by appropriate
resolution, and shall thereafter proceed under the provisions of KRS 96.350 to
96.510, both inclusive, and the sewer construction district and the commission shall
have the same powers and duties as a city of the second to sixth class inclusive
under the provisions of KRS 96.350 to 96.510, both inclusive, the language
referring to waterworks and water systems in KRS 96.350 to 96.510 to be read as
sewers and drains including treatment plants. (3) In the event such procedure is followed the commission shall not observe the provisions of KRS 76.340 to 76.365 both inclusive. Effective: June 19, 1958
History: Created 1958 Ky. Acts ch. 162, sec. 1, effective June 19, 1958.