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65.2004 Periodic payment of damages.

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65.2004 Periodic payment of damages. (1) Upon motion of a local government against which final judgment has been rendered for a claim within the scope of KRS 65.200 to 65.2006, the court, in accordance <br>with subsection (2) of this section, may include in such judgment a requirement that <br>the judgment be paid in whole or in part by periodic payments. Periodic payments <br>may be ordered paid over a period of time not exceeding ten (10) years. Any <br>periodic payment, upon becoming due under the terms of the judgment, shall <br>constitute a separate judgment. Any judgment ordering any such payments shall <br>specify the total amount awarded, the amount of each payment, the interval between <br>payments and the number of payments to be paid under the judgment. Judgments <br>paid pursuant to this section shall bear interest accruing from the date final <br>judgment is entered, at the interest rate as specified in KRS 360.040. For good <br>cause shown, the court may modify such judgment with respect to the amount of <br>such payments and the number of payments, but the total amount of damages <br>awarded by such judgment shall not be subject to modification in any event and <br>periodic payments shall not be ordered paid over a period in excess of ten (10) <br>years. (2) A court may order periodic payment only upon finding that: (a) Payment of the judgment is not totally covered by insurance; and <br>(b) Funds for the current budget year and other funds of the local government which lawfully may be utilized to pay judgments are insufficient to finance <br>both the adopted budget of expenditures for the year and the payment of that <br>portion of the judgment not covered by insurance. Effective: July 15, 1988 <br>History: Created 1988 Ky. Acts ch. 224, sec. 19, effective July 15, 1988.