{"data":{"id":"us-ky/krs-268.340","jurisdiction":"us-ky","citation":"KRS 268.340","heading":"Computation of minimum district assessment -- District interest","body":"assessment -- Maximum district assessment.\n(1) Within thirty (30) days after the contract for the improvement is let for all the work\nprovided for under the plan for reclamation, or, if t he improvements are made\ndirectly by the board, as soon as the cost can be ascertained, the board shall\nascertain the cost of doing all of the work, and add all expenses incurred in\nestablishing and organizing the district, including all fees to attorneys,  engineers,\nemployees, court costs and the damages assessed against the district. To the total of\nthese sums the board shall add ten percent (10%) of the total, to defray the future\nexpenses of the district, including the salaries and fees for services to be thereafter\nrendered by the members of the board, their agents and employees, including\nengineers and attorneys, and any other necessary expenses which cannot be\nforeseen. This aggregate sum shall be called the minimum district assessment. If\nbonds are t o be issued and sold for the district, the board shall then determine the\nlength of time the bonds are to run, and calculate the total amount of interest that\nwill accumulate upon the entire bond issue, the par value of which shall not exceed\nninety percen t (90%) of the total minimum district assessment. The total of the\ninterest that will accumulate during the period the bonds are to run up till maturity\nshall be called the district interest assessment. The board shall then add together the\ntwo (2) sums, t he minimum district assessment and the district interest assessment.\nThe total shall be called amount of which two (2) sums shall constitute the\nmaximum district assessment.\n(2) The board shall then ascertain what percent the minimum district assessment is  of\nthe total assessed benefits to all property in the district, as shown by the corrected\nappraisers' report.  The board shall also ascertain what percent the total interest\nassessment is of the total assessed benefits to all such property.\n(3) The board shall then apportion the minimum district assessment to each separate\npiece of property, so that each shall bear its ratable part of the minimum district\nassessment. It shall then in like manner apportion the district interest assessment to\neach piece of p roperty. The board shall then levy a drainage assessment upon the\ndistrict for the amount of the minimum district assessment, also for the amount of\nthe district interest assessment, and then prepare a drainage assessment record for\nthe district, and as many copies as there are counties in which any part of the district\nis situated, plus two (2) additional copies, one (1) of which shall be for the board,\nand the other to remain permanently in the office of the county clerk in the county\nin which the district is organized.","path":["KRS Chapter 268"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=12957","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:13Z","sha256":"a559a3e1da9204d2c8205ba12127807086b4aa53562c3c4493678677aaf71a82","source_id":"us-ky","stale":false,"prev":"us-ky/krs-268.330","next":"us-ky/krs-268.350"},"notice":"GroundRules: Original legal text. Not legal advice."}