There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 107 MUNICIPAL IMPROVEMENTS -- ALTERNATE METHODS
107.350 Levy of ad valorem tax.
Download pdfcourt of the county in which it is located to levy an ad valorem tax on all property within
the district which is assessed for local taxation at a rate which shall not exceed ten (10)
cents per $100 of assessed value of said property and which shall not exceed the amount
necessary to amortize any bonds (whether revenue or general obligation bonds) issued or
proposed to be issued to finance the project or projects proposed by the district, plus
operating expenses of the district. All ad valorem taxes authorized by KRS 107.310 to
107.500 shall be collected in the same manner as are county ad valorem taxes and shall be
turned over to the board as the governing body of the district. Such ad valorem taxes shall
be solely for the benefit and purposes of the district and shall be in addition to all other ad
valorem taxes. Said fiscal court shall levy the ad valorem tax so requested initially and
from year to year thereafter if required to amortize any bonds (whether revenue or general
obligation bonds) issued or proposed for a project not disapproved under the authority of
KRS 107.310 to 107.500, but it shall refuse to levy any tax if no bonds (whether revenue
or general obligation bonds) are issued or outstanding, and if the proposed project to be
financed by the bonds has been disapproved as set out in KRS 107.360. History: Created 1970 Ky. Acts ch. 155, sec. 5.
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