2009 Kentucky Revised Statutes CHAPTER 269 MISCELLANEOUS PROVISIONS AS TO DITCHES, DRAINAGE, AND RECLAMATION 269.030 Notice of intention to refund bonds -- Form -- Majority of owners may require abandonment of refunding.
269.030 Notice of intention to refund bonds -- Form -- Majority of owners may
require abandonment of refunding.
(1) Before issuing any refunding bonds the board of drainage commissioners or other
governing authority shall set a date and place for a hearing, and give notice of the <br>hearing to all persons owning any interest in any property assessed in the district of <br>its intention to refund the bonds. This notice shall be published pursuant to KRS <br>Chapter 424. The hearing shall be held by the board or governing authority at the <br>place designated by it.
(2) The notice will be sufficient if substantially in the following form: <br>
"All persons interested in property lying in ................ District, ................. County,
Kentucky, take notice: <br>
"That ............ District, .............. County, Kentucky, desires to refund all (part) of its
outstanding bonded indebtedness (and accrued interest) and that at .......... in the City of <br>.................., on the .......... day of ..........., 19......., at ...... o'clock ........ any person having <br>an interest in any property in the district may appear before the board of drainage <br>commissioners (other governing authority) of the district, and show any cause why the <br>refunding should not be done, and taxes in addition to the assessed benefits levied, if <br>necessary, for the purpose of paying interest on the refunding bonds. You are further <br>notified that if a majority of the owners of land in the district, owning a majority of the <br>acres of land therein, object, the refunding will be abandoned. You will further take <br>notice that unless the refunding is abandoned, any owner may, at any time within two <br>weeks after the making of the order to issue refunding bonds, pay the full amount of <br>uncollected principal tax or assessment chargeable to his property for the payment of the <br>bonds proposed to be refunded. Any tract on which the tax or assessment is paid will be <br>released from any tax or assessment for the payment of the refunding bonds, but shall <br>remain subject to any additional taxes that may be levied by the district. <br>"Dated at ......................., Kentucky, the ..........day of ...................., 19...... Board of <br>Drainage Commissioners (other governing authority) of .................... County, Kentucky, <br>by ...................." <br>(3) If, at or prior to the holding of the meeting and hearing, a majority of the owners in
the district, owning a majority of the acres of land therein, file with the board or <br>other governing authority written objections to the refunding of the outstanding <br>bonds, the board or other governing authority shall enter an order reciting the fact <br>that the objections have been filed and abandoning the refunding.
Effective: October 1, 1942 <br>History: Amended 1966 Ky. Acts ch. 239, sec. 194. -- Recodified 1942 Ky. Acts
ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2380d-2.
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