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67A.886 Bonds not indebtedness of government.

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67A.886 Bonds not indebtedness of government. Each of the bonds shall bear on its face the statement that it has been issued under the <br>provisions of KRS 67A.871 to 67A.894 and that it does not constitute an indebtedness of <br>the government within the meaning of the Constitution of Kentucky. The bonds and the <br>receipt of interest thereon shall not be subject to taxation. The bonds and the interest <br>thereon shall be payable solely and only from the proceeds of the annual improvement <br>benefit assessments levied by the government from time to time upon the properties <br>benefited by the project identified in the bonds and from the debt service reserve fund; the <br>government shall become directly and personally liable to the bondholders for any <br>deficiencies which may arise as a direct result of failure by the government to pursue to <br>exhaustion and in timely fashion all remedies lawfully available in the collection of such <br>improvement assessments. Effective: March 30, 1976 <br>History: Created 1976 Ky. Acts ch. 371, sec. 16, effective March 30, 1976.