74.180 Issuance of bonds or temporary financing of unpaid assessments.

291 words·~1 min read·/ky/chapter-74/74-180

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

(1)If all assessments are not paid in full by thirty

(30)days after notice of assessment,

the commission may issue bonds for the amount of the unpaid assessments, or may

finance improvements on a temporary basis from district revenues or a loan to be

repaid when assessments are collected. If the commission decides to issue bonds, it

shall give notice that it proposes to issue bonds, giving the amount of bonds to be

issued, the rate of interest they are to bear, and the time they will become payable.

(2)At the expiration of thirty

(30)days after the publication, the commission may

divide the unpaid assessments into not less than ten

(10)annual installments, which

shall draw interest at the rate or rates or method of determining rates as the

commission deems best and be payable annually, from thirty

(30)days after the date

of publication. The bonds shall mature in series to correspond with the installments

into which the unpaid assessments are divided, and shall draw interest at the rate or

rates or method of determining rates as the commission determines, be payable at

least annually, and be payable at some place to be designated by the commission.

The bonds shall be for the exclusive use and benefit of the water district and shall

designate on the face the name of the district and the purpose for which they were

issued.

(3)The commission, in dividing the unpaid assessments into installments, shall fix the

time for payment, and each landowner shall pay the installments due on his land,

with interest due on that installment and deferred installments, to the treasurer of

the commission on or before the time fixed by the commission for the maturity of

the installment.