KRS 67A.886: Bonds not indebtedness of government.

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

provisions of KRS 67A.871 to 67A.894 and that it does not constitute an indebtedness of

the government within the meaning of the Constitution of Kentucky. The bonds a nd the

receipt of interest thereon shall not be subject to taxation. The bonds and the interest

thereon shall be payable solely and only from the proceeds of the annual improvement

benefit assessments levied by the government from time to time upon the pr operties

benefited by the project identified in the bonds and from the debt service reserve fund; the

government shall become directly and personally liable to the bondholders for any

deficiencies which may arise as a direct result of failure by the govern ment to pursue to

exhaustion and in timely fashion all remedies lawfully available in the collection of such

improvement assessments.