KRS 67A.775: Bonds not to constitute debt of urban -county government -- Tax

exemption -- Liquidation -- Extent of liability to bondholders.

Each of said bonds shall bear on its face the statement that it has been issued under KRS

67A.710 to 67A.825, and that it do es not constitute an indebtedness of the urban -county

government within the meaning of the Constitution. The bonds, and the receipt of interest

thereon, shall not be subject to taxation. The bonds shall have all the qualities and

incidents of negotiable in struments. The bonds, and the interest thereon, shall be payable

exclusively from the proceeds of the annual improvement assessments levied upon the

properties benefited by the project identified in the bonds; but the urban -county

government shall become d irectly and personally liable to the bondholders for any

deficiencies which may arise from its failure to pursue to exhaustion, and in timely

fashion, all remedies lawfully available in the collection of such improvement

assessments.