KRS 268.340: Computation of minimum district assessment -- District interest

assessment -- Maximum district assessment.

(1) Within thirty (30) days after the contract for the improvement is let for all the work

provided for under the plan for reclamation, or, if t he improvements are made

directly by the board, as soon as the cost can be ascertained, the board shall

ascertain the cost of doing all of the work, and add all expenses incurred in

establishing and organizing the district, including all fees to attorneys, engineers,

employees, court costs and the damages assessed against the district. To the total of

these sums the board shall add ten percent (10%) of the total, to defray the future

expenses of the district, including the salaries and fees for services to be thereafter

rendered by the members of the board, their agents and employees, including

engineers and attorneys, and any other necessary expenses which cannot be

foreseen. This aggregate sum shall be called the minimum district assessment. If

bonds are t o be issued and sold for the district, the board shall then determine the

length of time the bonds are to run, and calculate the total amount of interest that

will accumulate upon the entire bond issue, the par value of which shall not exceed

ninety percen t (90%) of the total minimum district assessment. The total of the

interest that will accumulate during the period the bonds are to run up till maturity

shall be called the district interest assessment. The board shall then add together the

two (2) sums, t he minimum district assessment and the district interest assessment.

The total shall be called amount of which two (2) sums shall constitute the

maximum district assessment.

(2) The board shall then ascertain what percent the minimum district assessment is of

the total assessed benefits to all property in the district, as shown by the corrected

appraisers' report. The board shall also ascertain what percent the total interest

assessment is of the total assessed benefits to all such property.

(3) The board shall then apportion the minimum district assessment to each separate

piece of property, so that each shall bear its ratable part of the minimum district

assessment. It shall then in like manner apportion the district interest assessment to

each piece of p roperty. The board shall then levy a drainage assessment upon the

district for the amount of the minimum district assessment, also for the amount of

the district interest assessment, and then prepare a drainage assessment record for

the district, and as many copies as there are counties in which any part of the district

is situated, plus two (2) additional copies, one (1) of which shall be for the board,

and the other to remain permanently in the office of the county clerk in the county

in which the district is organized.