{"data":{"id":"us-ky/krs-76.253","jurisdiction":"us-ky","citation":"KRS 76.253","heading":"Bonds if assessments not paid -- Terms -- Payment of assessments in","body":"installments.\n(1) If all construction subdistrict assessments are not paid in full by thirty (30) days\nafter notice of assessments, the district may issue bonds for the amount of the\nunpaid assessment, and shall give notice that it proposes to issue bonds, giving the\namount of bonds to be issued, and the time they will become payable.\n(2) At the expiration of thirty (30) days after the publication, the district may divide the\nunpaid assessments into not more than forty (40) annual installments, which shall\ndraw interest at the rate or rates or method of determining rates as the district\ndetermines, and be payable at least annually, from thirty (30) days after the date of\npublication. The  bonds shall mature in series to correspond with the installments\ninto which the unpaid assessments are divided, and shall draw interest at the rate or\nrates or method of determining rates determined by the district, be payable at least\nannually, and be pa yable at some place to be designated by the district. The bonds\nshall be for the exclusive use and benefit of the construction and shall designate on\nthe face the name of the construction subdistrict and the purpose for which they\nwere issued.\n(3) The district, in dividing the unpaid assessments into installments, shall fix the time\nof payment, and each landowner shall pay the installments due on his land, with\ninterest due on that installment and deferred installments, to the district on or before\nthe time fixed by the district for the maturity of the installment.\n(4) For purposes of KRS 76.263, assessments described in this section shall be deemed\nrates, rentals, or charges. Assessments may also be enforced by civil action.\n(5) Bonds issued pursuant to thi s section are construction subdistrict bonds and\nobligations and are not obligations of the district.","path":["KRS Chapter 76"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=24518","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:36Z","sha256":"9868140ab571d21dfce3a1d389d9375fa1ae530c8d9f13642e994a328a644731","source_id":"us-ky","stale":false,"prev":"us-ky/krs-76.252","next":"us-ky/krs-76.254"},"notice":"GroundRules: Original legal text. Not legal advice."}