74.370 Construction, acquisition or enlargement of system by issuance of revenue

235 words·~1 min read·/ky/74-370

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

bonds or by a combination of bonds and assessments.

(1)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.

(2)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.