<br><br>76.365 Issuance of sewer construction bonds for amount of unpaid assessments -- <br>Interest, maturity, payment. <br>(1) If all assessments are not paid in full by thirty (30) days after notice of assessment, <br>the commission may issue bonds for the amount of the unpaid assessments, and <br>shall give notice that it proposes to issue bonds, giving the amount of bonds to be <br>issued, and the time they will become payable. <br>(2) At the expiration of thirty (30) days after the publication, the commission may <br>divide the unpaid assessments into not less than ten (10) annual installments, which <br>shall draw interest at the rate or rates or method of determining rates as the <br>commission deems best and be payable at least annually, from thirty (30) days after <br>the date of publication. The bonds shall mature in series to correspond with the <br>installments into which the unpaid assessments are divided, and shall draw interest <br>at the rate or rates or method of determining rates as the commission determines, be <br>payable at least annually, and be payable at some place to be designated by the <br>commission. The bonds shall be for the exclusive use and benefit of the sewer <br>construction and shall designate on the face the name of the district and the purpose <br>for which they were issued. <br>(3) The commission, in dividing the unpaid assessments into installments, shall fix the <br>time for payment, and each landowner shall pay the installments due on his land, <br>with interest due on that installment and deferred installments, to the treasurer of <br>the commission on or before the time fixed by the commission for the maturity of <br>the installment. <br>(4) Enforcement of payment of assessment and interest shall be by suit. <br>Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 14, effective July 15, 1996. -- Created <br>1952 Ky. Acts ch. 69, sec. 16, effective June 19, 1952. <br><br>