2011 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.
KY Rev Stat § 269.030 (1996 through Reg Sess) What's This?
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
hearing to all persons owning any interest in any property assessed in the district of
its intention to refund the bonds. This notice shall be published pursuant to KRS
Chapter 424. The hearing shall be held by the board or governing authority at the
place designated by it.
(2) The notice will be sufficient if substantially in the following form:
"All persons interested in property lying in _________ District, _________ County,
Kentucky, take notice:
"That _________ District, _________ County, Kentucky, desires to refund all (part)
of its outstanding bonded indebtedness (and accrued interest) and that at _________ in
the City of _________, on the _____ day of __________, 19____, at _____ o'clock ____
any person having an interest in any property in the district may appear before the board
of drainage commissioners (other governing authority) of the district, and show any cause
why the refunding should not be done, and taxes in addition to the assessed benefits
levied, if necessary, for the purpose of paying interest on the refunding bonds. You are
further notified that if a majority of the owners of land in the district, owning a majority
of the acres of land therein, object, the refunding will be abandoned. You will further take
notice that unless the refunding is abandoned, any owner may, at any time within two
weeks after the making of the order to issue refunding bonds, pay the full amount of
uncollected principal tax or assessment chargeable to his property for the payment of the
bonds proposed to be refunded. Any tract on which the tax or assessment is paid will be
released from any tax or assessment for the payment of the refunding bonds, but shall
remain subject to any additional taxes that may be levied by the district.
"Dated at __________, Kentucky, the _____day of _________, 19____ Board of
Drainage Commissioners (other governing authority) of _________ County, Kentucky,
by _________."
(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
other governing authority written objections to the refunding of the outstanding
bonds, the board or other governing authority shall enter an order reciting the fact
that the objections have been filed and abandoning the refunding.
Effective: October 1, 1942
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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