State Codes and Statutes

Statutes > Kentucky > 067A00 > 820

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67A.820 When assessments to cease -- Refund of surplus. The amount of the annual assessment collected and the debt service reserve and any <br>interest earned therefrom shall remain in the sinking fund. When the amount in the <br>sinking fund is sufficient to retire bonds at maturity, assessments shall cease. In the event <br>of a surplus after all bonds have been retired, the surplus shall be returned on a pro rata <br>basis to the property owners if in excess of one dollar (&#36;1) per property. If less than one <br>dollar (&#36;1), the surplus shall be transferred to the general fund of the urban-county <br>government. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 23, effective June 21, 1974.

State Codes and Statutes

Statutes > Kentucky > 067A00 > 820

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67A.820 When assessments to cease -- Refund of surplus. The amount of the annual assessment collected and the debt service reserve and any <br>interest earned therefrom shall remain in the sinking fund. When the amount in the <br>sinking fund is sufficient to retire bonds at maturity, assessments shall cease. In the event <br>of a surplus after all bonds have been retired, the surplus shall be returned on a pro rata <br>basis to the property owners if in excess of one dollar (&#36;1) per property. If less than one <br>dollar (&#36;1), the surplus shall be transferred to the general fund of the urban-county <br>government. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 23, effective June 21, 1974.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 067A00 > 820

Download pdf
Loading PDF...


67A.820 When assessments to cease -- Refund of surplus. The amount of the annual assessment collected and the debt service reserve and any <br>interest earned therefrom shall remain in the sinking fund. When the amount in the <br>sinking fund is sufficient to retire bonds at maturity, assessments shall cease. In the event <br>of a surplus after all bonds have been retired, the surplus shall be returned on a pro rata <br>basis to the property owners if in excess of one dollar (&#36;1) per property. If less than one <br>dollar (&#36;1), the surplus shall be transferred to the general fund of the urban-county <br>government. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 23, effective June 21, 1974.