Find Legal Information

178.170 Bonds for hard surface roads -- Issuance.

Download pdf

178.170 Bonds for hard surface roads -- Issuance. (1) The fiscal court, after an election as provided in subsection (2), may issue and sell bonds for the purpose of constructing or reconstructing public roads and bridges. <br>The bonds shall bear interest at a rate or rates or method of determining rates as the <br>fiscal court determines, be payable at least annually, and shall be in denominations <br>of not less than one hundred dollars (&#36;100) nor more than one thousand dollars <br>(&#36;1000). The bonds shall mature within forty (40) years, and may be redeemed <br>within that time at the pleasure of the court. (2) Upon the petition of one hundred and fifty (150) legal voters who are freeholders of the county, the county judge/executive shall make an order on his order book <br>directing an election to be held in the county at the next regularly-scheduled <br>November election if the question as it will appear on the ballot is submitted to the <br>county clerk not later than the second Tuesday in August preceding the regular <br>election. The order shall direct the sheriff to advertise the election and its object by <br>publication pursuant to KRS Chapter 424 and also by printed handbills posted at not <br>less than four (4) public places in each voting precinct in the county and at the <br>courthouse door. The election shall be held under the general election laws. The <br>question shall be: &quot;Are you in favor of issuing .... in bonds for the purpose of <br>building roads and bridges?&quot; (3) All the money raised by the sale of bonds under this section shall be used solely for the construction of hard surface roads. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 195, sec. 66, effective July 15, 1996; and ch. 274, sec. 39, effective July 15, 1996. -- Amended 1980 Ky. Acts ch. 188, sec. 135, <br>effective June 15, 1980. -- Amended 1978 Ky. Acts ch. 384, sec. 311, effective June <br>17, 1978. -- Amended 1966 Ky. Acts ch. 239, sec. 154. -- Recodified 1942 Ky. Acts <br>ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4307. Legislative Research Commission Note (7/15/96). This section was amended by 1996 Ky. Acts chs. 195 and 274. Where these Acts are not in conflict, they have been <br>codified together. Where a conflict exists, Acts ch. 195, which was last enacted by <br>the General Assembly, prevails under KRS 446.250.