Statutes > Kentucky Statutes > CHAPTER 81 CITY CLASSIFICATION, BOUNDARIES, AND ALTERNATIVE METHOD OF CONSOLIDATING GOVERNMENTAL SERVICES > 81.440 Obligations and special taxes are unimpaired.

81.440 Obligations and special taxes are unimpaired.

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81.440 Obligations and special taxes are unimpaired. A merger or consolidation shall not impair contractual obligations of either of the <br>combined cities. Tax levies authorized for the payment of interest and the retirement of <br>bonds or to create sinking funds for such purposes shall continue to be levied and <br>collected over the same area by and for the new governing body in accordance with the <br>laws under which the levies were originally made until all bonded obligations of the old <br>city have been retired. Effective: March 25, 1960 <br>History: Created 1960 Ky. Acts ch. 194, sec. 6, effective March 25, 1960.