KRS 269.040: Assessment installments and taxes to retire refunding bonds --

Certification to sheriff -- Apportionment and total allowed.

(1) Upon the issuance of the refunding bonds, all uncollected annual installments

whether matured or not, shall be made payable in annual installments in amounts

sufficient to provide for the payment of the refunding bonds at maturity. There shall

also be levied from year to year taxes ratably allocable to such uncollected

installments, sufficient to provide for the payment of the interest on the refunding

bonds as it accrues.

(2) Each year while any refunding bonds remain outstanding, the board or governing

authority shall ascertain the amount of funds required for the payment of maturing

bonds and accruing interest during the suc ceeding year, and make up, certify and

transmit to the sheriff or other tax collector of each county containing any of the

property in the district an annual tax book setting out the annual installments so

ascertained.

(3) The installments shall be apporti oned to the property in the district in proportion to

the unmatured annual installments or assessments. The total certification each year

shall be sufficient to make ample provision for the payment of maturing principal

and accruing interest on the refundi ng bonds, making due allowance for probable

delinquencies in the payment of taxes and the costs of collection. The grand total of

such annual installments imposed, exclusive of taxes levied for interest on

refunding bonds, shall not exceed the benefits ass essed, for any tract of land in the

district.

History through 1968: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,

1942, from Ky. Stat. sec. 2380d-3.