{"data":{"id":"us-ky/krs-67a.882","jurisdiction":"us-ky","citation":"KRS 67A.882","heading":"Bids -- Apportionment of costs -- Alternative payment methods and","body":"funding -- Refunds by urban-county government.\n(1) Proposals for the construction of the project shall be solicited upon the basis of\nsubmission of sealed, competitive bids after advert isement by publication pursuant\nto KRS Chapter 424, following adoption of the ordinance of determination and\nexpiration of the permissive litigation period, or alternatively, the conclusion of\nlitigation in a manner favorable to the project.\n(2) After all costs of the project have been determined upon the basis of the\nconstruction bidding, the costs shall be apportioned among the owners of benefited\nproperty pursuant to the method of assessment previously determined in the\nordinance of initiation and the ordinance of determination. However, in determining\nthe apportionment of individual costs for purposes of affording to the owners of\nbenefited property the privilege of paying the assessment levies in full on a lump -\nsum basis, the urban -county government sha ll exclude amounts required for the\ncreation of the debt service reserve fund, capitalized interest costs, and any bond\ndiscount which the government may allow in connection with the sale of bonds to\nprovide funds for the costs of construction not paid ini tially by the owners of\nbenefited properties on a lump-sum basis.\n(3) The owners of benefited property shall be notified in writing of the exact amount\nlevied against their individual properties, which amount may, at the option of each\nowner, be paid in fu ll on a lump -sum basis within thirty (30) days. Such owners\nshall be notified that in the event they exercise the option to pay in full on a lump -\nsum basis and in the event any refund of lump -sum payments or of interest earned\non lump-sum payments is subse quently made, it shall be paid to the owners of the\nbenefited properties for which lump -sum payments have been made as determined\nat the date the appropriate ordinance under either KRS 67A.894 or subsection (5) of\nthis section is adopted. The statement sub mitted to such owners of benefited\nproperty shall additionally advise such owners that in the event such owners do not\nelect to pay the special improvement benefit assessment in full within the period of\nthirty (30) days from receipt, the urban -county gove rnment shall issue bonds\npursuant to KRS 67A.871 to 67A.894 for the purpose of providing the cost of\nconstruction of the project, including the debt service reserve fund, if paid from\nbond proceeds, capitalized interest costs, any bond discount, together w ith all other\ncosts, as the term is defined in KRS 67A.871(5). The owners of the benefited\nproperty shall further be advised that bonds and the interest thereon shall be\namortized by annual improvement benefit assessment levies against all benefited\nproperties which have not made lump-sum payments in accordance with the method\nof apportionment provided by the ordinance of initiation and the ordinance of\ndetermination.\n(4) At the conclusion of the thirty (30) day permissive lump -sum payment period, the\nurban-county council shall determine the aggregate principal amount of\nimprovement benefit assessments paid in full by owners of benefited property; shall\norder the deposit of the moneys in a trust account the principal of which shall be\nused solely to pay the costs of construction of the project; shall aggregate all unpaid\nimprovement benefit assessments for purposes of determining the principal amount\nof bonds to be issued by the government to provide the costs of the project; shall\ncompute the debt service re serve fund in respect to the bonds, if the fund is to be\ncapitalized from bond proceeds; shall determine the bond discount and capitalized\ninterest which shall be applicable to the issue of bonds; and shall proceed to\ncomplete the financing of the costs of  construction of the project through the\nadoption of the ordinance of bond authorization as provided in KRS 67A.883 and\nthe sale of bonds authorized pursuant thereto.\n(5) If an urban-county government has taken steps under KRS 67A.871 to 67A.893 to\nprovide for, construct and finance any project, and finally determines, by\nappropriate ordinance, that the project is essentially completed, the legislative body\nof the urban-county government may, in its discretion, refund any part, or all, of the\ninterest earne d on lump -sum payments, pro rata, to the current owners of the\nbenefited properties which paid on a lump -sum basis, as determined at the date the\nordinance determining the project is essentially completed is adopted.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23965","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"20f6bbdb4ba19cb9c8093d587a947f9c34d7a8804c34f66c7032ccc830896265","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.881","next":"us-ky/krs-67a.883"},"notice":"GroundRules: Original legal text. Not legal advice."}