KRS 67A.924: Ad valorem tax levy to retire bonds.

In order to accomplish its purposes the authority, through its board, may request the

legislative body of the urban -county government in which it is located to levy an ad

valorem tax on all property within the parking district which is assessed for local

taxation, at a rate, which, when calculated in connection with other revenues of the

authority, shall not exceed the amount necessary to amortize any bonds issued or

proposed to be issued to finance the project or projects proposed by the authority, plus

operating expenses of the authority. All ad valorem taxes authorized by this chapter shall

be collected in the same manner as are all other ad valorem taxes and shall be turned over

to the board of commissioners as the governing body of the authority. Such t axes shall be

solely for the benefit and purposes of the authority and shall be in addition to all other

taxes. The legislative body may levy the ad valorem tax so requested initially and from

year to year thereafter if required in conjunction with other r evenues, to amortize any

bonds issued or proposed for a project not disapproved under the authority of this chapter.