{"data":{"id":"us-ky/krs-267.330","jurisdiction":"us-ky","citation":"KRS 267.330","heading":"Issuance and sale of bonds -- Collection of assessment installments.","body":"(1) At the expiration of thirty (30) days after publication of the notice required by KRS\n267.320, the board may divide the unpaid assessments into annual installments, not\nless than two (2) nor more than thirty (30), which shall draw interest at the rate or\nrates or method of determining rates, payable at least annually, from thirty (30) days\nafter the date of publication, and may issue bonds to anticipate their collection,\nwhich bonds shall mature in series to correspond with the installments into which\nthe unpaid assessments are divided. The bonds shall draw interest at the rate or rates\nor method of determining rates, payable at least annually, as the board determines\nand be payable at some place designated by the board. The bonds shall be for the\nexclusive use and benefit of the district, and shall designate on their face the name\nof the district and the purpose for which they were issued. The board, in dividing\nthe unpaid assessments into installments, shall fix the time for payment in each year\nso that eac h installment will be due at least one hundred and twenty days (120)\nbefore the bonds issued to anticipate the collection of that installment become due.\nEach landowner whose land is in lien for the payment of the bonds shall pay to the\ntreasurer each installment due against his land, with all interest due at that time on\nthat installment and deferred installments, on or before the time fixed by the board\nfor the maturity of the installment.\n(2) On the first Monday after any installment is due, the board sh all meet and ascertain\nthe persons whose installments are in default, and shall, on that date, issue warrants\nto the sheriff directing him to collect those installments. The sheriff shall collect\neach installment with interest due on that and deferred inst allments, together with a\npenalty of six percent (6%), as state and county taxes are collected, and settle with\nthe board within sixty (60) days from the date the installments were certified to him,\nand pay to the board the money collected.\n(3) All land upon which the money due on any installment has not been collected at the\nend of the said sixty (60) days shall be advertised and sold by the sheriff in the same\nmanner as is provided in the case of state and county taxes. The sale shall be subject\nto the fu ture installments of the assessments. At the expiration of ninety (90) days\nfrom the date of the original certification of the installment to the sheriff, he shall\nmake final settlement with the board and pay to it all money in his hands. If he fails\nto do this the board may compel him to make settlement by rule against him issued\nby the court in which the proceeding is pending, after giving him five (5) days'\nnotice in writing. If any land is not purchased at the sale, the sheriff shall purchase it\nfor the district, and in his final settlement with the board shall take a credit. The\nsheriff shall certify each sale to the county clerk, as required in the sale of land for\nstate and county taxes, and the clerk shall record the sale in the land sale book kept\nby him. For collecting the assessments certified to him the sheriff shall be paid by\nthe board the same fees allowed him for collecting state and county taxes and in the\nsame manner. For recording the certificate of sale the clerk shall be paid the same\nfees allowed him by law for similar work in reference to state and county taxes. The\nowner of the land, or his representatives, heirs or assigns, may redeem the land from\nthe sale in the manner and within the time provided for the redemption of land sold\nfor state and county taxes. Any sheriff who fails to settle and pay off any installment\nwith interest within the proper time shall be liable to the board for the full amount\ncertified to him, with interest. This may be collected from the sheriff by rule issued\nagainst him by the court in which the proceeding is pending on five (5) days' written\nnotice. The sheriff shall be liable upon his bonds for his acts done and for the\nfaithful performance of his duties under this section.\n(4) This section does not deprive  the holder of any bond from having all rights by\nmandamus or otherwise against the board, the sheriff or any other officer or agent of\nthe district having duties to perform under this section.","path":["KRS Chapter 267"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=12897","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:13Z","sha256":"de1963785d2d59b9743f97e8f96492866465bae50dde6a5c681ded4ec16ecb23","source_id":"us-ky","stale":false,"prev":"us-ky/krs-267.320","next":"us-ky/krs-267.340"},"notice":"GroundRules: Original legal text. Not legal advice."}