220.380 Bonds may be issued by district -- Applicability of KRS 107.010 to 107.220.

249 words·~1 min read·/ky/chapter-220/220-380

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(1)To defray the cost of organizing the district and the preliminary expense after

organization, and for the purpose of acquiring any sanitary works authorized by

KRS 220.010 to 220.520, and any appurtenances or extensions thereto, either by

purchase or construction, the district through its board of directors may borrow

money and issue negotiable bonds, which shall be known as "Sanitation District

Bonds" and shall be so engraved or printed on their face following the name of the

issuing district. No such bonds shall be issued until authorized by resolution

specifying the purpose for which the funds are to be used and the proposed

undertaking, the amount of bonds to be issued and the maximum rate of interest the

bonds are to bear. The resolution shall further provide that the sanitary works,

appurtenances or extensions are to be acquired pursuant to the provisions of KRS

220.010 to 220.520.

(2)The district may use the authority and procedures granted to incorporated

municipalities by KRS 107.010 to 107.220 to accomplish its purposes pursuant to

subsection

(1)of this section. When applied to sanitation districts, terms used in

KRS 107.010 to 107.220 shall be construed to mean the following: "city" means

"district"; "ordinance" means "resolution"; "clerk" means "secretary" or "secretary-

treasurer"; "governing body" means "board of directors"; and "mayor" means

"president of the board of directors." The provisions of this subsection shall not

repeal or reduce any existing rights or duties of the district but shall constitute an

additional method of financing.