183.134 Appropriations for airports -- Bond issue, election, tax. - Kentucky Statutes

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183.134 Appropriations for airports -- Bond issue, election, tax. (1) In order to provide money for the purchase of property necessary for the establishment or expansion of airports and to construct, equip, and maintain
buildings necessary, desirable, or appropriate for airport purposes, or to acquire
rights or interests or contracts for services, the legislative body of any governmental
unit owning in whole or part any airport or operating an airport, or having any rights
or interests in an airport or contracts for services from an airport, may make an
annual appropriation from its general fund; or the governmental unit may make an
annual levy to collect a tax on taxable property situated in the governmental unit for
airport development. Any appropriation shall be made by the legislative body in
amounts, in proportion and upon terms as the legislative body may determine. All
funds derived from an appropriation or tax shall be turned over to the airport board,
if any, for the purpose of carrying out the duties and powers of the board. (2) Whenever a governmental unit deems it necessary to acquire, construct, maintain, expand, finance, or improve any airport facilities or air navigation facilities or rights
or interests in any facilities, or to contract for services from the facilities, or for any
or all of these purposes, and the annual funds raised from other sources are not
sufficient to accomplish the purpose, the governmental unit shall make a careful
estimate of the amount of money required for the purpose and shall certify to the
proper tax levying authority the fact that an election for an issue of bonds for
aviation purposes shall be held, together with the amount of money for which bonds
shall be issued and the purpose to which the proceeds shall be applied. The taxing
authority shall then adopt an ordinance or resolution submitting to the qualified
voters of the district the question as to whether bonds shall be issued for the
purpose. The question shall be so framed that the voter may by his vote answer
"For" or "Against." (3) The ordinance or resolution shall fix the time the bonds shall run and, if a serial issue, the amount to mature at each time. It shall limit the rate of interest to be
permitted on the bonds and the total amount of bonds to be issued, and shall provide
for the levy of a tax to pay the interest and to create a sinking fund to retire them at
their maturity. (4) The election shall be held at a time fixed in the ordinance or resolution, not less than fifteen (15) nor more than thirty (30) days from the time the certificate of the
governmental unit is filed with the tax levying authority, and reasonable notice of
the election shall be given. The election shall be conducted and carried out in the
governmental unit district in all respects as required by the general election laws,
and shall be held by the same officers as required by the general election laws. The
expense of the election shall be paid by the fiscal court except where the election is
held in a district embracing a city of the first five (5) classes, in which case the cost
of the election shall be paid by the governing body of the city. (5) Notwithstanding the limitations contained in KRS 132.023, any governmental unit which after March 21, 1968, levies a tax for aviation purposes under this chapter
may exclude the tax from consideration in calculating the compensating tax rate as now or subsequently defined in KRS 132.010 or any amendments or other act
substituted relating to that section. Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 43, effective July 15, 1996. -- Amended 1980 Ky. Acts ch. 188, sec. 137, effective July 15, 1980. -- Amended 1968 Ky. Acts
ch. 83, sec. 1. -- Amended 1964 Ky. Acts ch. 134, sec. 7. -- Created 1960 Ky. Acts
ch. 179, sec. 34.