76.279 Lease of system constructed by metropolitan sewer district -- Renewals --
237 words·~1 min read·
/ky/76-279A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Revenue bonds of metropolitan district.
(1)In order to provide for the construction of a comprehensive sewage and sewage
treatment system, or storm water and surface drainage system, or both, the
sanitation tax district and a metropolitan sewer district may agree in writing that the
latter shall construct the system and operate it in consideration that the sanitation
tax district lease the system for a term of one
(1)year, which term may be renewed.
No such system shall include lateral sewers. It may include any other appliance or
structure reasonably incident to such a system.
(2)The sanitation tax district shall have an exclusive option to renew for each year
succeeding the original term, but the option shall not grant exclusive renewal
options for more than forty
(40)years. The method of exercising the exclusive
option to renew the lease shall be any method permissible under law which does not
have the effect of authorizing or permitting the sanitation tax district to become
indebted to an amount exceeding, in any year, the income and revenue provided for
such year within the meaning of Section 157 of the Constitution of Kentucky.
(3)A metropolitan sewer district is authorized to issue bonds secured solely by rentals
payable under such a lease to finance construction of the system. Except as provided
in the preceding sentence, all matters pertaining to such bonds shall be governed by
KRS 76.254 and 76.261.