State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 074-00 > 340

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74.340 Interest payments and repurchase of bonds out of sinking fund -- Bonds negotiable and nontaxable. Upon the issuance of refunding bonds, the water district shall annually, from delinquent <br>assessment collection and other revenues, carry to the sinking fund of the water district an <br>amount sufficient to pay the annual interest on the bonds and create a fund for their <br>purchase. Whenever there is a sufficient sum in the sinking fund over the amount <br>required for the payment of interest, it shall be used in the purchasing of as many bonds <br>as is practicable. All such bonds shall be negotiable and shall not be subject to taxation. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 938g-30.