State Codes and Statutes

Statutes > Kentucky > 067A00 > 755

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67A.755 Annual assessment -- Advance levy and payment -- Assessment for debt service reserve. An annual assessment on each parcel of property for which bonds are issued shall be <br>levied according to the assessed value basis. The first such levy and each succeeding levy <br>shall be made in advance and shall be sufficient to pay the principal and interest on the <br>bonds. As a precaution against default and to provide a debt service reserve, the <br>governing body shall also assess and collect annually an amount equal to one-half of one <br>percent (0.5%) of the total amount of the principal and interest of the bonds. The advance <br>payment and debt service reserve shall be deposited in an interest bearing account. The <br>payments, reserve, and earnings shall be used to pay the last installment on the bonds. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 10, effective June 21, 1974.

State Codes and Statutes

Statutes > Kentucky > 067A00 > 755

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67A.755 Annual assessment -- Advance levy and payment -- Assessment for debt service reserve. An annual assessment on each parcel of property for which bonds are issued shall be <br>levied according to the assessed value basis. The first such levy and each succeeding levy <br>shall be made in advance and shall be sufficient to pay the principal and interest on the <br>bonds. As a precaution against default and to provide a debt service reserve, the <br>governing body shall also assess and collect annually an amount equal to one-half of one <br>percent (0.5%) of the total amount of the principal and interest of the bonds. The advance <br>payment and debt service reserve shall be deposited in an interest bearing account. The <br>payments, reserve, and earnings shall be used to pay the last installment on the bonds. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 10, effective June 21, 1974.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 067A00 > 755

Download pdf
Loading PDF...


67A.755 Annual assessment -- Advance levy and payment -- Assessment for debt service reserve. An annual assessment on each parcel of property for which bonds are issued shall be <br>levied according to the assessed value basis. The first such levy and each succeeding levy <br>shall be made in advance and shall be sufficient to pay the principal and interest on the <br>bonds. As a precaution against default and to provide a debt service reserve, the <br>governing body shall also assess and collect annually an amount equal to one-half of one <br>percent (0.5%) of the total amount of the principal and interest of the bonds. The advance <br>payment and debt service reserve shall be deposited in an interest bearing account. The <br>payments, reserve, and earnings shall be used to pay the last installment on the bonds. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 10, effective June 21, 1974.