67A.775 Bonds not to constitute debt of urban-county government -- Tax
exemption -- Liquidation -- Extent of liability to bondholders.
Each of said bonds shall bear on its face the statement that it has been issued under KRS <br>67A.710 to 67A.825, and that it does not constitute an indebtedness of the urban-county <br>government within the meaning of the Constitution. The bonds, and the receipt of interest <br>thereon, shall not be subject to taxation. The bonds shall have all the qualities and <br>incidents of negotiable instruments. The bonds, and the interest thereon, shall be payable <br>exclusively from the proceeds of the annual improvement assessments levied upon the <br>properties benefited by the project identified in the bonds; but the urban-county <br>government shall become directly and personally liable to the bondholders for any <br>deficiencies which may arise from its failure to pursue to exhaustion, and in timely <br>fashion, all remedies lawfully available in the collection of such improvement <br>assessments.
Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 14, effective June 21, 1974.
67A.775 Bonds not to constitute debt of urban-county government -- Tax
exemption -- Liquidation -- Extent of liability to bondholders.
Each of said bonds shall bear on its face the statement that it has been issued under KRS <br>67A.710 to 67A.825, and that it does not constitute an indebtedness of the urban-county <br>government within the meaning of the Constitution. The bonds, and the receipt of interest <br>thereon, shall not be subject to taxation. The bonds shall have all the qualities and <br>incidents of negotiable instruments. The bonds, and the interest thereon, shall be payable <br>exclusively from the proceeds of the annual improvement assessments levied upon the <br>properties benefited by the project identified in the bonds; but the urban-county <br>government shall become directly and personally liable to the bondholders for any <br>deficiencies which may arise from its failure to pursue to exhaustion, and in timely <br>fashion, all remedies lawfully available in the collection of such improvement <br>assessments.
Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 14, effective June 21, 1974.
67A.775 Bonds not to constitute debt of urban-county government -- Tax
exemption -- Liquidation -- Extent of liability to bondholders.
Each of said bonds shall bear on its face the statement that it has been issued under KRS <br>67A.710 to 67A.825, and that it does not constitute an indebtedness of the urban-county <br>government within the meaning of the Constitution. The bonds, and the receipt of interest <br>thereon, shall not be subject to taxation. The bonds shall have all the qualities and <br>incidents of negotiable instruments. The bonds, and the interest thereon, shall be payable <br>exclusively from the proceeds of the annual improvement assessments levied upon the <br>properties benefited by the project identified in the bonds; but the urban-county <br>government shall become directly and personally liable to the bondholders for any <br>deficiencies which may arise from its failure to pursue to exhaustion, and in timely <br>fashion, all remedies lawfully available in the collection of such improvement <br>assessments.
Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 14, effective June 21, 1974.
