2012 Kentucky Revised Statutes
CHAPTER 269 MISCELLANEOUS PROVISIONS AS TO DITCHES, DRAINAGE, AND RECLAMATION
269.010 Issue of refunding bonds for drainage, levee, or reclamation district -- Maturity -- Interest rate -- Exchange of bonds or sale -- Use of proceeds.
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<![CDATA[269.010 Issue of refunding bonds for drainage, levee, or reclamation district -Maturity -- Interest rate -- Exchange of bonds or sale -- Use of proceeds.
(1)
(2)
Whenever the board of drainage commissioners or other governing authority of any
drainage, levee, or reclamation district organized under any law of this state finds
and declares of record that it is advisable and for the best interests of the property
owners of the district to refund any part of the bonded indebtedness of the district, it
may issue refunding bonds, payable at any time within forty (40) years from their
date as the board or governing authority may determine. The refunding bonds shall
not exceed the amount of bonds refunded and interest accrued on the bonds to the
date of the refunding bonds. They shall bear interest at a rate or rates or method of
determining rates as the board determines and be payable at least annually.
When issued, refunding bonds may be exchanged for the outstanding bonds if the
holders of the bonds agree, or the refunding bonds may be sold for not less than the
par value and accrued interest. The proceeds of the sale of the bonds shall be used in
the payment of the outstanding bonds and the cost incident to the issuing of the
refunding bonds. No refunding bond shall become a valid obligation of the district
until an equivalent amount of the bonds refunded have been surrendered and
canceled. Until refunding bonds have been issued, the rate of tax or amount of
assessment applicable to the bonds to be refunded shall not be reduced.
Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 61, effective July 15, 1996. -Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 2380d-1.
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