107.120 Bonds not to constitute debt against city -- Not subject to taxation --
160 words·~1 min read·
/ky/107-120A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Liquidation -- City liable to bondholders for failure to pursue available
remedies for collection of improvement assessments. Each of said bonds shall bear on its face the statement that it has been issued under this chapter, and that it does not constitute an indebtedness of the city within the meaning of the Constitution. The bonds, and the receipt of interest thereon, shall not be subject to taxation. The bonds shall have all the qualities and incidents of negotiable instruments. The bonds, and the interest thereon, shall be payable exclusively from the proceeds of the annual improvement assessments levied from time to time upon the properties benefited by the project identified in the bonds and from the debt service reserve fund; but the city shall become directly and personally liable to the bondholders for any deficiencies which may arise from its failure to pursue to exhaustion, and in timely fashion, all remedies lawfully available in the collection of such improvement assessments.