(1) Any water district, created in the manner provided in KRS § 74.010 to KRS § 74.070, both inclusive, may if the commissioners of such water district deem it feasible, build, or acquire or enlarge a water system without resort to, or in combination with, the right to levy assessments for the cost of such water system, as is provided in KRS § 74.130 to KRS § 74.240, both inclusive, and may obtain the funds with which to build, acquire or enlarge such system by the issuance of revenue bonds, payable solely from the revenue to be derived from the operation of such system, or payable partially from revenues and partially from assessments.
(2) In the event the commissioners shall decide to finance the cost of such construction, acquisition or enlargement by the issuance of revenue bonds, secured solely by the revenue of the system or partially by the revenue of the system and partially by assessments, the commission shall note such decision by appropriate resolution, and shall thereafter proceed under the provisions of KRS § 96.350 to KRS § 96.510, both inclusive, and the water district and the commission shall have the same powers and duties as a city inclusive under the provisions of KRS § 96.350 to KRS § 96.510, both inclusive. However, the water district and the commission shall not be limited solely to the revenue of the system in securing revenue bonds so issued.
Effective: January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 46, effective January 1, 2015. — Amended 2008 Ky. Acts ch. 6, sec. 12, effective July 15, 2008. — Amended 1988
Ky. Acts ch. 104, sec. 6, effective July 15, 1988. — Created 1944 Ky. Acts ch. 141, sec. 1.