267.330 Issuance and sale of bonds -- Collection of assessment installments.
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/ky/chapter-267/267-330A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)At the expiration of thirty
(30)days after publication of the notice required by KRS
267.320, the board may divide the unpaid assessments into annual installments, not
less than two
(2)nor more than thirty (30), which shall draw interest at the rate or
rates or method of determining rates, payable at least annually, from thirty
(30)days
after the date of publication, and may issue bonds to anticipate their collection,
which bonds shall mature in series to correspond with the installments into which
the unpaid assessments are divided. The bonds shall draw interest at the rate or rates
or method of determining rates, payable at least annually, as the board determines
and be payable at some place designated by the board. The bonds shall be for the
exclusive use and benefit of the district, and shall designate on their face the name
of the district and the purpose for which they were issued. The board, in dividing
the unpaid assessments into installments, shall fix the time for payment in each year
so that each installment will be due at least one hundred and twenty days
before the bonds issued to anticipate the collection of that installment become due.
Each landowner whose land is in lien for the payment of the bonds shall pay to the
treasurer each installment due against his land, with all interest due at that time on
that installment and deferred installments, on or before the time fixed by the board
for the maturity of the installment.
(2)On the first Monday after any installment is due, the board shall meet and ascertain
the persons whose installments are in default, and shall, on that date, issue warrants
to the sheriff directing him to collect those installments. The sheriff shall collect
each installment with interest due on that and deferred installments, together with a
penalty of six percent (6%), as state and county taxes are collected, and settle with
the board within sixty
(60)days from the date the installments were certified to him,
and pay to the board the money collected.
(3)All land upon which the money due on any installment has not been collected at the
end of the said sixty
(60)days shall be advertised and sold by the sheriff in the same
manner as is provided in the case of state and county taxes. The sale shall be subject
to the future installments of the assessments. At the expiration of ninety
(90)days
from the date of the original certification of the installment to the sheriff, he shall
make final settlement with the board and pay to it all money in his hands. If he fails
to do this the board may compel him to make settlement by rule against him issued
by the court in which the proceeding is pending, after giving him five
(5)days'
notice in writing. If any land is not purchased at the sale, the sheriff shall purchase it
for the district, and in his final settlement with the board shall take a credit. The
sheriff shall certify each sale to the county clerk, as required in the sale of land for
state and county taxes, and the clerk shall record the sale in the land sale book kept
by him. For collecting the assessments certified to him the sheriff shall be paid by
the board the same fees allowed him for collecting state and county taxes and in the
same manner. For recording the certificate of sale the clerk shall be paid the same
fees allowed him by law for similar work in reference to state and county taxes. The
owner of the land, or his representatives, heirs or assigns, may redeem the land from
the sale in the manner and within the time provided for the redemption of land sold
for state and county taxes. Any sheriff who fails to settle and pay off any installment
with interest within the proper time shall be liable to the board for the full amount
certified to him, with interest. This may be collected from the sheriff by rule issued
against him by the court in which the proceeding is pending on five
(5)days' written
notice. The sheriff shall be liable upon his bonds for his acts done and for the
faithful performance of his duties under this section.
(4)This section does not deprive the holder of any bond from having all rights by
mandamus or otherwise against the board, the sheriff or any other officer or agent of
the district having duties to perform under this section.