178.200 Tax levy to retire bonds and pay interest.
233 words·~1 min read·
/ky/chapter-178/178-200A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)If bonds are sold to enable the fiscal court to construct roads and bridges, the fiscal
court shall levy a tax of not over twenty cents ($0.20) on the one hundred dollars
($100) of the assessed valuation of the county. The tax shall be collected as other
county taxes and allocated, first, to the payment of the interest on the bonds, and the
balance placed to the credit of a sinking fund for the redemption of the bonds.
(2)Any accumulation in the sinking fund may be loaned by the fiscal court on first
mortgage real estate security, on the basis of fifty percent (50%) of its value, at the
legal rate of interest, which shall accrue to the sinking fund, but before the loan is
made all titles shall be looked up and papers approved by the county attorney.
(3)For the 1966 tax year and for all subsequent years the rate levied by the levying
authority under the provisions of this section for levies which were approved prior
to December 16, 1965, shall be the compensating tax rate as defined in KRS
132.010, except as provided in subsection
(4)of this section.
(4)Notwithstanding the limitations contained in subsection
(3)of this section no tax
rate shall be set lower than that necessary to provide such funds as are required to
meet principal and interest payments on outstanding bonded indebtedness.