2014 Kentucky Revised Statutes
CHAPTER 76 - CITY-COUNTY METROPOLITAN SEWER, SEWER CONSTRUCTION, AND SANITATION DISTRICTS
76.365 Issuance of sewer construction bonds for amount of unpaid assessments -- Interest, maturity, payment.
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<![CDATA[76.365 Issuance of sewer construction bonds for amount of unpaid
assessments -- Interest, maturity, payment.
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If all assessments are not paid in full by thirty (30) days after notice of
assessment, the commission may issue bonds for the amount of the unpaid
assessments, and shall give notice that it proposes to issue bonds, giving the
amount of bonds to be issued, and the time they will become payable.
At the expiration of thirty (30) days after the publication, the commission may
divide the unpaid assessments into not less than ten (10) annual installments,
which shall draw interest at the rate or rates or method of determining rates as
the commission deems best and be payable at least annually, from thirty (30)
days after the date of publication. The bonds shall mature in series to
correspond with the installments into which the unpaid assessments are
divided, and shall draw interest at the rate or rates or method of determining
rates as the commission determines, be payable at least annually, and be
payable at some place to be designated by the commission. The bonds shall
be for the exclusive use and benefit of the sewer construction and shall
designate on the face the name of the district and the purpose for which they
were issued.
The commission, in dividing the unpaid assessments into installments, shall fix
the time for payment, and each landowner shall pay the installments due on his
land, with interest due on that installment and deferred installments, to the
treasurer of the commission on or before the time fixed by the commission for
the maturity of the installment.
Enforcement of payment of assessment and interest shall be by suit.
Effective:July 15, 1996
History: Amended 1996 Ky. Acts ch. 274, sec. 14, effective July 15, 1996. -Created 1952 Ky. Acts ch. 69, sec. 16, effective June 19, 1952.
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