{"data":{"id":"us-ky/krs-67a.886","jurisdiction":"us-ky","citation":"KRS 67A.886","heading":"Bonds not indebtedness of government.","body":"Each of the bonds shall bear on its face the statement that it has been issued under the\nprovisions of  KRS 67A.871 to 67A.894 and that it does not constitute an indebtedness of\nthe government within the meaning of the Constitution of Kentucky. The bonds a nd the\nreceipt of interest thereon shall not be subject to taxation.  The bonds and the interest\nthereon shall be payable solely and only from the proceeds of the annual improvement\nbenefit assessments levied by the government from time to time upon the pr operties\nbenefited by the project identified in the bonds and from the debt service reserve fund; the\ngovernment shall become directly and personally liable to the bondholders for any\ndeficiencies which may arise as a direct result of failure by the govern ment to pursue to\nexhaustion and in timely fashion all remedies lawfully available in the collection of such\nimprovement assessments.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23969","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"a3957d41d91e7b7a59c3c9906bea29cd4a0435ec4689000e1697b65b730d626c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.885","next":"us-ky/krs-67a.887"},"notice":"GroundRules: Original legal text. Not legal advice."}