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107.120 Bonds not to constitute debt against city -- Not subject to taxation -- Liquidation -- City liable to bondholders for failure to pursue available remedies for collection of improvement assessm

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107.120 Bonds not to constitute debt against city -- Not subject to taxation -- Liquidation -- City liable to bondholders for failure to pursue available <br>remedies for collection of improvement assessments. Each of said bonds shall bear on its face the statement that it has been issued under this <br>chapter, and that it does not constitute an indebtedness of the city within the meaning of <br>the Constitution. The bonds, and the receipt of interest thereon, shall not be subject to <br>taxation. The bonds shall have all the qualities and incidents of negotiable instruments. <br>The bonds, and the interest thereon, shall be payable exclusively from the proceeds of the <br>annual improvement assessments levied from time to time upon the properties benefited <br>by the project identified in the bonds and from the debt service reserve fund; but the city <br>shall become directly and personally liable to the bondholders for any deficiencies which <br>may arise from its failure to pursue to exhaustion, and in timely fashion, all remedies <br>lawfully available in the collection of such improvement assessments. History: Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 13, sec. 18. -- Created 1956 Ky. Acts ch. 239, sec. 12.