{"data":{"id":"us-ky/krs-107.120","jurisdiction":"us-ky","citation":"KRS 107.120","heading":"Bonds not to constitute debt against city -- Not subject to taxation --","body":"Liquidation -- City liable to bondholders for failure to pursue available\nremedies for collection of improvement assessments.\nEach of said bonds shall bear on its face the stateme nt that it has been issued under this\nchapter, and that it does not constitute an indebtedness of the city within the meaning of\nthe Constitution. The bonds, and the receipt of interest thereon, shall not be subject to\ntaxation. The bonds shall have all th e qualities and incidents of negotiable instruments.\nThe bonds, and the interest thereon, shall be payable exclusively from the proceeds of the\nannual improvement assessments levied from time to time upon the properties benefited\nby the project identified in the bonds and from the debt service reserve fund; but the city\nshall become directly and personally liable to the bondholders for any deficiencies which\nmay arise from its failure to pursue to exhaustion, and in timely fashion, all remedies\nlawfully available in the collection of such improvement assessments.","path":["KRS Chapter 107"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=27165","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:09Z","sha256":"ea09157ed35ea0f85878691ffd4c3a772953edccc7620dae6ebdcd77c39b4ba1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-107.110","next":"us-ky/krs-107.130"},"notice":"GroundRules: Original legal text. Not legal advice."}