KRS 76.253: Bonds if assessments not paid -- Terms -- Payment of assessments in

installments.

(1) If all construction subdistrict assessments are not paid in full by thirty (30) days

after notice of assessments, the district may issue bonds for the amount of the

unpaid assessment, and shall give notice that it proposes to issue bonds, giving the

amount of bonds to be issued, and the time they will become payable.

(2) At the expiration of thirty (30) days after the publication, the district may divide the

unpaid assessments into not more than forty (40) annual installments, which shall

draw interest at the rate or rates or method of determining rates as the district

determines, and be payable at least annually, from thirty (30) days after the date of

publication. The bonds shall mature in series to correspond with the installments

into which the unpaid assessments are divided, and shall draw interest at the rate or

rates or method of determining rates determined by the district, be payable at least

annually, and be pa yable at some place to be designated by the district. The bonds

shall be for the exclusive use and benefit of the construction and shall designate on

the face the name of the construction subdistrict and the purpose for which they

were issued.

(3) The district, in dividing the unpaid assessments into installments, shall fix the time

of payment, and each landowner shall pay the installments due on his land, with

interest due on that installment and deferred installments, to the district on or before

the time fixed by the district for the maturity of the installment.

(4) For purposes of KRS 76.263, assessments described in this section shall be deemed

rates, rentals, or charges. Assessments may also be enforced by civil action.

(5) Bonds issued pursuant to thi s section are construction subdistrict bonds and

obligations and are not obligations of the district.