67A.760 Third Ordinance -- Purposes -- Adoption.
The governing body shall adopt a Third Ordinance authorizing the sale of the bonds and
covenanting with the holders of the bonds and coupons, that until the payment in full
thereof the urban-county government will levy annually an improvement assessment upon
the affected properties only. The ordinance shall also covenant with the holders of said
bonds and coupons, until payment in full thereof, the governing body will pursue and
exhaust, at the urban-county government's expense, all remedies available to the urbancounty government and for the benefit and protection of the bondholders, including
enforcement to judgment and decretal sale of the liens upon affected properties, as
provided in KRS 67A.710 to 67A.825. The ordinance shall designate one (1) or more
places of payment of principal and interest, within or without the Commonwealth and
provide for the payment by the urban-county government of any and all reasonable and
customary charges for the services of paying agents, to the end that the holders of the
bonds and coupons will receive the sums therein stipulated, without deductions for such
charges. The ordinance may contain any other provisions not contrary to law.
Effective: June 21, 1974
History: Created 1974 Ky. Acts ch. 394, sec. 11, effective June 21, 1974.
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