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65.7713 Enforcement of pledge, lien, and charge -- Payment of notes.

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65.7713 Enforcement of pledge, lien, and charge -- Payment of notes. The holder of the notes may enforce a pledge of, security interest in, and lien and charge <br>on, the taxes or revenues, or both, of the governmental agency against all state and local <br>public officials in possession of any of the taxes or revenues at any time which may be <br>collected directly from the official upon notice by the holder for application to the <br>payment of a note as and when due or for deposit in the applicable sinking fund or note <br>retirement fund at the times and in the amounts specified in the note. Any state or local <br>public official in possession of any taxes or revenues which are pledged shall make <br>payment, against receipt therefor, directly to the holder of the notes and shall be <br>discharged from any further liability or responsibility for taxes or revenues. If the <br>payment is a payment in full of the notes, it shall be made against surrender of the notes <br>to the state or local public official for delivery to the governmental agency in the case of <br>payment in full, otherwise it shall be made against production of the notes for notation <br>thereon of the amount of the payment. Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 76, sec. 7, effective July 13, 1990.