<br><br>76.253 Bonds if assessments not paid -- Terms -- Payment of assessments in <br>installments. <br>(1) If all construction subdistrict assessments are not paid in full by thirty (30) days <br>after notice of assessments, the district may issue bonds for the amount of the <br>unpaid assessment, and shall give notice that it proposes to issue bonds, giving the <br>amount of bonds to be issued, and the time they will become payable. <br>(2) At the expiration of thirty (30) days after the publication, the district may divide the <br>unpaid assessments into not more than forty (40) annual installments, which shall <br>draw interest at the rate or rates or method of determining rates as the district <br>determines, and be payable at least annually, from thirty (30) days after the date of <br>publication. The bonds shall mature in series to correspond with the installments <br>into which the unpaid assessments are divided, and shall draw interest at the rate or <br>rates or method of determining rates determined by the district, be payable at least <br>annually, and be payable at some place to be designated by the district. The bonds <br>shall be for the exclusive use and benefit of the construction and shall designate on <br>the face the name of the construction subdistrict and the purpose for which they <br>were issued. <br>(3) The district, in dividing the unpaid assessments into installments, shall fix the time <br>of payment, and each landowner shall pay the installments due on his land, with <br>interest due on that installment and deferred installments, to the district on or before <br>the time fixed by the district for the maturity of the installment. <br>(4) For purposes of KRS 76.263, assessments described in this section shall be deemed <br>rates, rentals, or charges. Assessments may also be enforced by civil action. <br>(5) Bonds issued pursuant to this section are construction subdistrict bonds and <br>obligations and are not obligations of the district. <br>Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 12, effective July 15, 1996. -- Created <br>1964 Ky. Acts ch. 33, sec. 21. <br><br>