{"data":{"id":"us-ky/krs-67a.755","jurisdiction":"us-ky","citation":"KRS 67A.755","heading":"Annual assessment -- Advance levy and payment -- Assessment for debt","body":"service reserve.\nAn annual assessment on each parcel of property for which bonds are issued shall be\nlevied according to the assessed value basis. The first such levy and each succee ding levy\nshall be made in advance and shall be sufficient to pay the principal and interest on the\nbonds. As a precaution against default and to provide a debt service reserve, the\ngoverning body shall also assess and collect annually an amount equal to o ne-half of one\npercent (0.5%) of the total amount of the principal and interest of the bonds. The advance\npayment and debt service reserve shall be deposited in an interest bearing account. The\npayments, reserve, and earnings shall be used to pay the last installment on the bonds.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23931","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"6627a3c87748f33921669ddc6c17692b03d6ac3f09bfb10f13cd31b169b6c88b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.750","next":"us-ky/krs-67a.760"},"notice":"GroundRules: Original legal text. Not legal advice."}