2013 Kentucky Revised Statutes CHAPTER 267 - DRAINAGE AND RECLAMATION ACT OF 1912 267.330 Issuance and sale of bonds -- Collection of assessment installments.
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267.330 Issuance and sale of bonds -- Collection of assessment installments.
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At the expiration of thirty (30) days after publication of the notice required by
KRS 267.320, the board may divide the unpaid assessments into annual
installments, not less than two (2) nor more than thirty (30), which shall draw
interest at the rate or rates or method of determining rates, payable at least
annually, from thirty (30) days after the date of publication, and may issue
bonds to anticipate their collection, which bonds shall mature in series to
correspond with the installments into which the unpaid assessments are
divided. The bonds shall draw interest at the rate or rates or method of
determining rates, payable at least annually, as the board determines and be
payable at some place designated by the board. The bonds shall be for the
exclusive use and benefit of the district, and shall designate on their face the
name of the district and the purpose for which they were issued. The board, in
dividing the unpaid assessments into installments, shall fix the time for
payment in each year so that each installment will be due at least one hundred
and twenty days (120) before the bonds issued to anticipate the collection of
that installment become due. Each landowner whose land is in lien for the
payment of the bonds shall pay to the treasurer each installment due against
his land, with all interest due at that time on that installment and deferred
installments, on or before the time fixed by the board for the maturity of the
installment.
On the first Monday after any installment is due, the board shall meet and
ascertain the persons whose installments are in default, and shall, on that date,
issue warrants to the sheriff directing him to collect those installments. The
sheriff shall collect each installment with interest due on that and deferred
installments, together with a penalty of six percent (6%), as state and county
taxes are collected, and settle with the board within sixty (60) days from the
date the installments were certified to him, and pay to the board the money
collected.
All land upon which the money due on any installment has not been collected
at the end of the said sixty (60) days shall be advertised and sold by the sheriff
in the same manner as is provided in the case of state and county taxes. The
sale shall be subject to the future installments of the assessments. At the
expiration of ninety (90) days from the date of the original certification of the
installment to the sheriff, he shall make final settlement with the board and pay
to it all money in his hands. If he fails to do this the board may compel him to
make settlement by rule against him issued by the court in which the
proceeding is pending, after giving him five (5) days' notice in writing. If any
land is not purchased at the sale, the sheriff shall purchase it for the district,
and in his final settlement with the board shall take a credit. The sheriff shall
certify each sale to the county clerk, as required in the sale of land for state
and county taxes, and the clerk shall record the sale in the land sale book kept
by him. For collecting the assessments certified to him the sheriff shall be paid
by the board the same fees allowed him for collecting state and county taxes
and in the same manner. For recording the certificate of sale the clerk shall be
paid the same fees allowed him by law for similar work in reference to state
and county taxes. The owner of the land, or his representatives, heirs or
assigns, may redeem the land from the sale in the manner and within the time
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provided for the redemption of land sold for state and county taxes. Any sheriff
who fails to settle and pay off any installment with interest within the proper
time shall be liable to the board for the full amount certified to him, with interest.
This may be collected from the sheriff by rule issued against him by the court in
which the proceeding is pending on five (5) days' written notice. The sheriff
shall be liable upon his bonds for his acts done and for the faithful performance
of his duties under this section.
This section does not deprive the holder of any bond from having all rights by
mandamus or otherwise against the board, the sheriff or any other officer or
agent of the district having duties to perform under this section.
Effective:July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 59, effective July 15, 1996. -Amended 1978 Ky. Acts ch. 384, sec. 409, effective June 17, 1978. -Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2380-34.
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