2012 Kentucky Revised Statutes CHAPTER 268 DRAINAGE AND RECLAMATION ACT OF 1918 268.340 Computation of minimum district assessment -- District interest assessment -- Maximum district assessment.
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268.340 Computation of minimum district assessment -- District interest
assessment -- Maximum district assessment.
(1)
(2)
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Within thirty (30) days after the contract for the improvement is let for all the work
provided for under the plan for reclamation, or, if the improvements are made
directly by the board, as soon as the cost can be ascertained, the board shall
ascertain the cost of doing all of the work, and add all expenses incurred in
establishing and organizing the district, including all fees to attorneys, engineers,
employees, court costs and the damages assessed against the district. To the total of
these sums the board shall add ten percent (10%) of the total, to defray the future
expenses of the district, including the salaries and fees for services to be thereafter
rendered by the members of the board, their agents and employees, including
engineers and attorneys, and any other necessary expenses which cannot be
foreseen. This aggregate sum shall be called the minimum district assessment. If
bonds are to be issued and sold for the district, the board shall then determine the
length of time the bonds are to run, and calculate the total amount of interest that
will accumulate upon the entire bond issue, the par value of which shall not exceed
ninety percent (90%) of the total minimum district assessment. The total of the
interest that will accumulate during the period the bonds are to run up till maturity
shall be called the district interest assessment. The board shall then add together the
two (2) sums, the minimum district assessment and the district interest assessment.
The total shall be called amount of which two (2) sums shall constitute the
maximum district assessment.
The board shall then ascertain what percent the minimum district assessment is of
the total assessed benefits to all property in the district, as shown by the corrected
appraisers' report. The board shall also ascertain what percent the total interest
assessment is of the total assessed benefits to all such property.
The board shall then apportion the minimum district assessment to each separate
piece of property, so that each shall bear its ratable part of the minimum district
assessment. It shall then in like manner apportion the district interest assessment to
each piece of property. The board shall then levy a drainage assessment upon the
district for the amount of the minimum district assessment, also for the amount of
the district interest assessment, and then prepare a drainage assessment record for
the district, and as many copies as there are counties in which any part of the district
is situated, plus two (2) additional copies, one (1) of which shall be for the board,
and the other to remain permanently in the office of the county clerk in the county
in which the district is organized.
Effective: January 2, 1978
History: Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 14, sec. 242, effective January
2, 1978. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. sec. 2380b-22.
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