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184.270 Sale of bonds -- Sources of payment.

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184.270 Sale of bonds -- Sources of payment. The bonds shall be sold at public sale to the highest responsible bidder. The sale shall be <br>advertised by publication pursuant to KRS Chapter 424. If no bidder offers a purchase <br>price deemed acceptable by the board of directors for the purchase of the bonds, then the <br>road district shall have the right to turn them over to the contractor in full payment of that <br>portion of the contract price of the improvement or that portion of the contract price of <br>the contemplated maintenance represented by par and accrued interest. The contractor <br>shall accept the bonds and give credit on the contract price for the full face value and <br>accrued interest on the bonds. Any premium realized from the sale of the bonds and any <br>penalties collected on account of the delinquency of any installment payments of <br>assessments shall be added to the bond fund for the payment of the bonds and interest on <br>the bonds. The bonds and interest shall be payable out of funds actually paid to and <br>collected by the road district on account of the improvement assessment in anticipation of <br>which the bonds were issued. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 49, effective July 15, 1996. -- Amended 1968 Ky. Acts ch. 55, sec. 12. -- Amended 1966 Ky. Acts ch. 239, sec. 161. -- <br>Created 1942 Ky. Acts ch. 65, sec. 27.