Each of the bonds shall bear on its face the statement that it has been issued under the provisions of KRS § 67A.871 to KRS § 67A.894 and that it does not constitute an indebtedness of the government within the meaning of the Constitution of Kentucky. The bonds and the receipt of interest thereon shall not be subject to taxation. The bonds and the interest thereon shall be payable solely and only from the proceeds of the annual improvement benefit assessments levied by the government from time to time upon the properties benefited by the project identified in the bonds and from the debt service reserve fund; the government shall become directly and personally liable to the bondholders for any deficiencies which may arise as a direct result of failure by the government to pursue to exhaustion and in timely fashion all remedies lawfully available in the collection of such improvement assessments.
Effective: March 30, 1976
History: Created 1976 Ky. Acts ch. 371, sec. 16, effective March 30, 1976.