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76.366 Financing by revenue bonds.
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Any sewer construction district created in the manner provided in KRS 76.300
to 76.325, both inclusive, may if the commissioners of such sewer construction
district deem it feasible, build, or acquire or enlarge sewer or drainage facilities,
including treatment plants, without resort to the right to levy assessments for
the cost of such sewer or drainage facilities, including treatment plants, as is
provided in KRS 76.340 to 76.365, both inclusive, and may obtain the funds
with which to build, acquire or enlarge such system by the issuance of revenue
bonds, payable solely from the revenue to be derived from the operation of
such system.
In the event the commissioners shall decide to finance the cost of such
construction, acquisition or enlargement by the issuance of revenue bonds,
secured solely by the revenue of the system, the commission shall note such
decision by appropriate resolution, and shall thereafter proceed under the
provisions of KRS 96.350 to 96.510, both inclusive, and the sewer construction
district and the commission shall have the same powers and duties as a city
with a population less than one hundred thousand (100,000) based upon the
most recent federal decennial census inclusive under the provisions of KRS
96.350 to 96.510, both inclusive, the language referring to waterworks and
water systems in KRS 96.350 to 96.510 to be read as sewers and drains
including treatment plants.
In the event such procedure is followed the commission shall not observe the
provisions of KRS 76.340 to 76.365 both inclusive.
Effective:January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 59, effective January 1, 2015. -Created 1958 Ky. Acts ch. 162, sec. 1, effective June 19, 1958.
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