220.575 Bonds if assessments not paid -- Term -- Payment of assessments in
299 words·~1 min read·
/ky/220-575A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
installments.
(1)If all construction subdistrict assessments are not paid in full by thirty
(30)days
after notice of assessments, the district may issue bonds for the amount of the
unpaid assessment, 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.
(2)At the expiration of thirty
(30)days after the publication, the district may divide the
unpaid assessments into not more than forty
(40)annual installments, which shall
draw interest at a rate or rates or method of determining rates as the district
determines, 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, payable at least annually, as the district
determines, and be payable at some place to be designated by the district. The bonds
shall be for the exclusive use and benefit of the construction and shall designate on
the face the name of the construction subdistrict and the purpose for which they
were issued.
(3)The district, in dividing the unpaid assessments into installments, shall fix the time
of payment, and each landowner shall pay the installments, due on his land, with
interest due on that installment and deferred installments, to the district on or before
the time fixed by the district for the maturity of the installment.
(4)For purposes of KRS 220.595 assessments described in this section shall be deemed
rates, rentals, or charges. Assessments may also be enforced by civil action.
(5)Bonds issued pursuant to this section are construction subdistrict bonds and
obligations and are not obligations of the district.