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107.350 Levy of ad valorem tax.

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107.350 Levy of ad valorem tax. In order to accomplish its purposes the district, through its board, may request the fiscal <br>court of the county in which it is located to levy an ad valorem tax on all property within <br>the district which is assessed for local taxation at a rate which shall not exceed ten (10) <br>cents per &#36;100 of assessed value of said property and which shall not exceed the amount <br>necessary to amortize any bonds (whether revenue or general obligation bonds) issued or <br>proposed to be issued to finance the project or projects proposed by the district, plus <br>operating expenses of the district. All ad valorem taxes authorized by KRS 107.310 to <br>107.500 shall be collected in the same manner as are county ad valorem taxes and shall be <br>turned over to the board as the governing body of the district. Such ad valorem taxes shall <br>be solely for the benefit and purposes of the district and shall be in addition to all other ad <br>valorem taxes. Said fiscal court shall levy the ad valorem tax so requested initially and <br>from year to year thereafter if required to amortize any bonds (whether revenue or general <br>obligation bonds) issued or proposed for a project not disapproved under the authority of <br>KRS 107.310 to 107.500, but it shall refuse to levy any tax if no bonds (whether revenue <br>or general obligation bonds) are issued or outstanding, and if the proposed project to be <br>financed by the bonds has been disapproved as set out in KRS 107.360. History: Created 1970 Ky. Acts ch. 155, sec. 5.