67A.820 When assessments to cease -- Refund of surplus.
Download pdf
Loading PDF...
<![CDATA[
67A.820 When assessments to cease -- Refund of surplus.
The amount of the annual assessment collected and the debt service reserve and any <br>interest earned therefrom shall remain in the sinking fund. When the amount in the <br>sinking fund is sufficient to retire bonds at maturity, assessments shall cease. In the event <br>of a surplus after all bonds have been retired, the surplus shall be returned on a pro rata <br>basis to the property owners if in excess of one dollar ($1) per property. If less than one <br>dollar ($1), the surplus shall be transferred to the general fund of the urban-county <br>government.
Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 23, effective June 21, 1974.
]]>