{"data":{"id":"us-ky/krs-184.260","jurisdiction":"us-ky","citation":"KRS 184.260","heading":"Road improvement bonds -- Form -- Term -- Tax exemptions -- Rights of","body":"holders -- Payment.\n(1) In the event that the board of directors determines to issue road improvement bonds,\nor road district bonds for maintenance purposes, it may pledge the speci al\nassessment and liens on the property for the payment of the principal and interest of\nthe bonds and shall apply the proceeds exclusively to the payment of the bonds. The\nbonds shall bear a date not less than thirty (30) days nor more than sixty (60) day s\nafter the date which was the last day for the execution by the property owners of\ninstallment payment agreements. The bonds shall be negotiable and payable to\nbearer, shall provide for the semiannual or more frequent payment of interest, shall\nbear coupo ns to provide for the payment of the interest, shall be numbered\nconsecutively, shall be in denominations of one hundred dollars ($100) or its\nmultiple (provided that any odd amount not in multiple of one hundred dollars\n($100) may be included in the last bond to mature), shall be divided into nine (9)\nseries as nearly equal as practicable, one (1) series maturing each year, and shall be\npayable at the office of the treasurer of the road district or at a bank or trust\ncompany named in the bonds. The bonds s hall have the name of the road for the\nimprovement or maintenance of which they are issued printed or engraved on the\nbonds, shall state the character and extent of the improvements, or the character and\nextent of the contemplated maintenance, shall be sig ned by the chairman and\nsecretary of the board of directors, and the coupons shall be signed by the secretary\neither personally or by his engraved or lithographed facsimile signature.\n(2) It shall not be necessary in the bonds to recite the steps taken for  the improvement\nof the road, maintenance of the road, or in making the assessment of the cost, but it\nshall be sufficient to make a general reference to the proceedings and to this\nchapter. The bonds shall be exempt from all taxation by or in the Commonwealth of\nKentucky. The bonds shall convey and transfer to the owner of the bonds all lien,\nright, title, and interest in and to the assessments and liens upon the respective\nparcels of land abutting upon the improvement. The liens, until released after\npayment, shall be security for the bonds and coupons until they are paid.\n(3) The bonds shall be subject to prepayment and redemption at any interest period\nwhich does not occur within four (4) years from the date of the issue of the bonds.\nThe treasurer of th e district shall, when funds have accumulated from any special\nassessment sufficient to redeem in excess of the next series falling due, by lot select\nfrom the next succeeding issue falling due, bonds of a par value equal to the excess\nin the fund arising from the excess collection and shall advertise by publication\npursuant to KRS Chapter 424 the designation and numbers of the bond or bonds so\ndrawn to the effect that on the specified date, the bonds will be redeemed at their\npar value and accrued interest . The bonds specified in the notice shall bear no\ninterest after the date fixed for their redemption, which provision shall be set forth\nin substance on the bonds.","path":["KRS Chapter 184"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5906","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:36Z","sha256":"ea6a8a57bb33204a731d8be5e8471dbd51482aed9c4aced978f604041e738fed","source_id":"us-ky","stale":false,"prev":"us-ky/krs-184.250","next":"us-ky/krs-184.270"},"notice":"GroundRules: Original legal text. Not legal advice."}