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65.694 Pledge of increments for bond payment -- Precedence of pledges.

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Page 1 of 1 65.694 Pledge of increments for bond payment -- Precedence of pledges. Any city or county may pledge increments to the payment of increment bonds by an <br>ordinance adopted by the governing body or by a grant contract adopted by ordinance. <br>Any pledge of increments adopted under this section shall, as to the increments, but not as <br>to any other revenues, be superior to any other pledge of revenues for any other purpose <br>and shall, from the effective date of the ordinance to the termination date, supersede any <br>statute or ordinance regarding the application or use of increments. No ordinance in <br>conflict with an ordinance pledging increments shall be adopted while any increment <br>bonds secured by that pledge remain outstanding. Ordinances pledging increments on a <br>subordinate basis to any existing pledges may be adopted. Effective: July 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 338, sec. 12, effective July 15, 2002. -- Created 2000 Ky. Acts ch. 358, sec. 8, effective July 14, 2000.