220.500 Subsequent issue of bonds for additions and improvements. A sanitation district acquiring any sanitary works under the provisions of KRS 220.010 to 220.520 may provide for the extension, addition or improvement of the works by an additional issue or issues of bonds, in the same manner as for the original bonds. Such bonds shall be junior in standing to the bonds of the original issue, and shall constitute a second lien upon the revenues of the district, secured by a second statutory mortgage lien upon the property of the district, and an additional bond and interest payment fund shall be established by resolution at the time of the issuance of such second lien bonds. Any surplus of funds that would otherwise be placed in the depreciation account shall be placed in the bond and interest payment fund for the payment of the principal and interest of such second lien bonds. The rates for services charged to the users of the works of the district may be increased to provide the additional revenue necessary to amortize such second lien bonds. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2062g-52.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.