2014 Kentucky Revised Statutes
CHAPTER 74 - WATER DISTRICTS
74.370 Construction, acquisition or enlargement of system by issuance of revenue bonds or by a combination of bonds and assessments.
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<![CDATA[74.370 Construction, acquisition or enlargement of system by issuance of
revenue bonds or by a combination of bonds and assessments.
(1)
(2)
Any water district, created in the manner provided in KRS 74.010 to 74.070,
both inclusive, may if the commissioners of such water district deem it feasible,
build, or acquire or enlarge a water system without resort to, or in combination
with, the right to levy assessments for the cost of such water system, as is
provided in KRS 74.130 to 74.240, 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, or payable partially from revenues and partially from
assessments.
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 or partially by the revenue of the
system and partially by assessments, 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 water district and the
commission shall have the same powers and duties as a city inclusive under
the provisions of KRS 96.350 to 96.510, both inclusive. However, the water
district and the commission shall not be limited solely to the revenue of the
system in securing revenue bonds so issued.
Effective:January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 46, effective January 1, 2015. -Amended 2008 Ky. Acts ch. 6, sec. 12, effective July 15, 2008. -- Amended
1988 Ky. Acts ch. 104, sec. 6, effective July 15, 1988. -- Created 1944 Ky. Acts
ch. 141, sec. 1.
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