KRS 184.270: Sale of bonds -- Sources of payment.

The bonds shall be sold at public sale to the highest responsible bidder. The sale shall be

advertised by publication pursuant to KRS Chapter 424. If no bidder offers a purchase

price deemed acceptable by the board of directors for the purchase of the bond s, then the

road district shall have the right to turn them over to the contractor in full payment of that

portion of the contract price of the improvement or that portion of the contract price of

the contemplated maintenance represented by par and accrued interest. The contractor

shall accept the bonds and give credit on the contract price for the full face value and

accrued interest on the bonds. Any premium realized from the sale of the bonds and any

penalties collected on account of the delinquency of a ny installment payments of

assessments shall be added to the bond fund for the payment of the bonds and interest on

the bonds. The bonds and interest shall be payable out of funds actually paid to and

collected by the road district on account of the improvement assessment in anticipation of

which the bonds were issued.