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178.200 Tax levy to retire bonds and pay interest.
(1)
(2)
(3)
(4)
If bonds are sold to enable the fiscal court to construct roads and bridges, the
fiscal court shall levy a tax of not over twenty cents ($0.20) on the one hundred
dollars ($100) of the assessed valuation of the county. The tax shall be
collected as other county taxes and allocated, first, to the payment of the
interest on the bonds, and the balance placed to the credit of a sinking fund for
the redemption of the bonds.
Any accumulation in the sinking fund may be loaned by the fiscal court on first
mortgage real estate security, on the basis of fifty percent (50%) of its value, at
the legal rate of interest, which shall accrue to the sinking fund, but before the
loan is made all titles shall be looked up and papers approved by the county
attorney.
For the 1966 tax year and for all subsequent years the rate levied by the
levying authority under the provisions of this section for levies which were
approved prior to December 16, 1965, shall be the compensating tax rate as
defined in KRS 132.010, except as provided in subsection (4) of this section.
Notwithstanding the limitations contained in subsection (3) of this section no
tax rate shall be set lower than that necessary to provide such funds as are
required to meet principal and interest payments on outstanding bonded
indebtedness.
History: Amended 1965 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 9. -- Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 4308.
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