KRS 267.330: Issuance and sale of bonds -- Collection of assessment installments.

(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 eac h installment will be due at least one hundred and twenty days (120)

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 sh all 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 inst allments, 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 fu ture 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.