{"data":{"id":"us-ky/krs-67a.775","jurisdiction":"us-ky","citation":"KRS 67A.775","heading":"Bonds not to constitute debt of urban -county government -- Tax","body":"exemption -- Liquidation -- Extent of liability to bondholders.\nEach of said bonds shall bear on its face the statement that it has been issued under KRS\n67A.710 to 67A.825, and that it do es not constitute an indebtedness of the urban -county\ngovernment within the meaning of the Constitution. The bonds, and the receipt of interest\nthereon, shall not be subject to taxation. The bonds shall have all the qualities and\nincidents of negotiable in struments. The bonds, and the interest thereon, shall be payable\nexclusively from the proceeds of the annual improvement assessments levied upon the\nproperties benefited by the project identified in the bonds; but the urban -county\ngovernment shall become d irectly and personally liable to the bondholders for any\ndeficiencies which may arise from its failure to pursue to exhaustion, and in timely\nfashion, all remedies lawfully available in the collection of such improvement\nassessments.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23935","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"8e82870b41e3b0b4f3bc207f2acc5e493a52b8daef1e5135560487c06ac79761","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.770","next":"us-ky/krs-67a.780"},"notice":"GroundRules: Original legal text. Not legal advice."}