KRS 269.030: Notice of intention to refund bonds -- Form -- Majority of owners may

require abandonment of refunding.

(1) Before issuing any refunding bonds the board of drainage commissioners or other

governing authority shall set a date and place for a hearing, a nd give notice of the

hearing to all persons owning any interest in any property assessed in the district of

its intention to refund the bonds. This notice shall be published pursuant to KRS

Chapter 424. The hearing shall be held by the board or governing authority at the

place designated by it.

(2) The notice will be sufficient if substantially in the following form:

"All persons interested in property lying in _________ District, _________ County,

Kentucky, take notice:

"That _________ District, _________ County, Kentucky, desires to refund all (part)

of its outstanding bonded indebtedness (and accrued interest) and that at _________ in

the City of _________, on the _____ day of __________, 19____, at _____ o'clock ____

any person having an interest in a ny property in the district may appear before the board

of drainage commissioners (other governing authority) of the district, and show any cause

why the refunding should not be done, and taxes in addition to the assessed benefits

levied, if necessary, for the purpose of paying interest on the refunding bonds. You are

further notified that if a majority of the owners of land in the district, owning a majority

of the acres of land therein, object, the refunding will be abandoned. You will further take

notice that unless the refunding is abandoned, any owner may, at any time within two

weeks after the making of the order to issue refunding bonds, pay the full amount of

uncollected principal tax or assessment chargeable to his property for the payment of the

bonds proposed to be refunded. Any tract on which the tax or assessment is paid will be

released from any tax or assessment for the payment of the refunding bonds, but shall

remain subject to any additional taxes that may be levied by the district.

"Dated at __________, Kentucky, the _____day of _________, 19____ Board of

Drainage Commissioners (other governing authority) of _________ County, Kentucky,

by _________."

(3) If, at or prior to the holding of the meeting and hearing, a majority of the owners in

the district, owning a majority of the acres of land therein, file with the board or

other governing authority written objections to the refunding of the outstanding

bonds, the board or other governing authority shall enter an order reciting the fact

that the objections have been filed and abandoning the refunding.