Statutes > Kentucky Statutes > CHAPTER 107 MUNICIPAL IMPROVEMENTS -- ALTERNATE METHODS > 107.210 Procedure where proceeds of bonds authorized by third ordinance insufficient.

107.210 Procedure where proceeds of bonds authorized by third ordinance insufficient.

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107.210 Procedure where proceeds of bonds authorized by third ordinance insufficient. If, by reason of miscalculation or the happening of unforeseen events or conditions, the <br>proceeds of the bonds authorized by the third ordinance should prove to be insufficient to <br>provide for the completion of the project and the payment in full of all costs thereof, the <br>governing body shall be authorized to issue and sell additional bonds sufficient to make <br>up the deficiency, and such additional bonds shall rank on a parity as to security and <br>source of payment with the bonds originally authorized. In the case of wastewater <br>collection projects, the metropolitan sewer district shall be required to levy pro rata an <br>additional assessment on owners of benefited property who have elected to make lump-<br>sum payments in full. History: Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 13, sec. 24. -- Created 1956 Ky. Acts ch. 239, sec. 21, effective February 29, 1956.