KRS 183.134: Appropriations for airports -- Bond issue, election, tax.

(1) In order to provide money for the purchase of property necessary for the

establishment or expansion of airports and to construct, equip, and maintain

buildings necessary, desirable, or appropriate for airport purposes, or to acquire

rights or interests or contracts for services, the legislative body of any governmental

unit owning in whole or part any airport or operating an airport, or having any rights

or interests in an airport or contracts for services from an airport, may make an

annual appropriation f rom its general fund; or the governmental unit may make an

annual levy to collect a tax on taxable property situated in the governmental unit for

airport development. Any appropriation shall be made by the legislative body in

amounts, in proportion and upo n terms as the legislative body may determine. All

funds derived from an appropriation or tax shall be turned over to the airport board,

if any, for the purpose of carrying out the duties and powers of the board.

(2) Whenever a governmental unit deems it n ecessary to acquire, construct, maintain,

expand, finance, or improve any airport facilities or air navigation facilities or rights

or interests in any facilities, or to contract for services from the facilities, or for any

or all of these purposes, and th e annual funds raised from other sources are not

sufficient to accomplish the purpose, the governmental unit shall make a careful

estimate of the amount of money required for the purpose and shall certify to the

proper tax levying authority the fact that a n election for an issue of bonds for

aviation purposes shall be held, together with the amount of money for which bonds

shall be issued and the purpose to which the proceeds shall be applied. The taxing

authority shall then adopt an ordinance or resolution submitting to the qualified

voters of the district the question as to whether bonds shall be issued for the

purpose. The question shall be so framed that the voter may by his vote answer

"For" or "Against."

(3) The ordinance or resolution shall fix the ti me the bonds shall run and, if a serial

issue, the amount to mature at each time. It shall limit the rate of interest to be

permitted on the bonds and the total amount of bonds to be issued, and shall provide

for the levy of a tax to pay the interest and t o create a sinking fund to retire them at

their maturity.

(4) The election shall be held at a time fixed in the ordinance or resolution, not less

than fifteen (15) nor more than thirty (30) days from the time the certificate of the

governmental unit is fil ed with the tax levying authority, and reasonable notice of

the election shall be given. The election shall be conducted and carried out in the

governmental unit district in all respects as required by the general election laws,

and shall be held by the sa me officers as required by the general election laws. The

expense of the election shall be paid by the fiscal court except where the election is

held in a district embracing a city with a population equal to or greater than one

thousand (1,000) based upon the most recent federal decennial census, in which

case the cost of the election shall be paid by the governing body of the city.

(5) Notwithstanding the limitations contained in KRS 132.023, any governmental unit

which after March 21, 1968, levies a tax f or aviation purposes under this chapter

may exclude the tax from consideration in calculating the compensating tax rate as

now or subsequently defined in KRS 132.010 or any amendments or other act

substituted relating to that section.