2009 Kentucky Revised Statutes CHAPTER 269 MISCELLANEOUS PROVISIONS AS TO DITCHES, DRAINAGE, AND RECLAMATION 269.040 Assessment installments and taxes to retire refunding bonds -- Certification to sheriff -- Apportionment and total allowed.
269.040 Assessment installments and taxes to retire refunding bonds --
Certification to sheriff -- Apportionment and total allowed.
(1) Upon the issuance of the refunding bonds, all uncollected annual installments
whether matured or not, shall be made payable in annual installments in amounts <br>sufficient to provide for the payment of the refunding bonds at maturity. There shall <br>also be levied from year to year taxes ratably allocable to such uncollected <br>installments, sufficient to provide for the payment of the interest on the refunding <br>bonds as it accrues.
(2) Each year while any refunding bonds remain outstanding, the board or governing
authority shall ascertain the amount of funds required for the payment of maturing <br>bonds and accruing interest during the succeeding year, and make up, certify and <br>transmit to the sheriff or other tax collector of each county containing any of the <br>property in the district an annual tax book setting out the annual installments so <br>ascertained.
(3) The installments shall be apportioned to the property in the district in proportion to
the unmatured annual installments or assessments. The total certification each year <br>shall be sufficient to make ample provision for the payment of maturing principal <br>and accruing interest on the refunding bonds, making due allowance for probable <br>delinquencies in the payment of taxes and the costs of collection. The grand total of <br>such annual installments imposed, exclusive of taxes levied for interest on <br>refunding bonds, shall not exceed the benefits assessed, for any tract of land in the <br>district.
History through 1968: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 2380d-3.
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