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67A.924 Ad valorem tax levy to retire bonds.

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67A.924 Ad valorem tax levy to retire bonds. In order to accomplish its purposes the authority, through its board, may request the <br>legislative body of the urban-county government in which it is located to levy an ad <br>valorem tax on all property within the parking district which is assessed for local <br>taxation, at a rate, which, when calculated in connection with other revenues of the <br>authority, shall not exceed the amount necessary to amortize any bonds issued or <br>proposed to be issued to finance the project or projects proposed by the authority, plus <br>operating expenses of the authority. All ad valorem taxes authorized by this chapter shall <br>be collected in the same manner as are all other ad valorem taxes and shall be turned over <br>to the board of commissioners as the governing body of the authority. Such taxes shall be <br>solely for the benefit and purposes of the authority and shall be in addition to all other <br>taxes. The legislative body may levy the ad valorem tax so requested initially and from <br>year to year thereafter if required in conjunction with other revenues, to amortize any <br>bonds issued or proposed for a project not disapproved under the authority of this chapter. Effective: June 19, 1976 <br>History: Created 1976 Ky. Acts ch. 287, sec. 16, effective June 19, 1976.