Browse 36,272 source-backed statutes, open stored provisions and move directly into source-grounded legal research.
36,272 statutes · page 28 of 1814
United States — Kentucky legislation
20 statutes shown from 36,272 source-backed records
Bond proceeds must be used only for the listed waterworks purposes, and bondholders get a statutory mortgage lien on the acquired waterworks property.
Bondholders or coupon holders may go to court to enforce the lien and require the chapter’s duties to be performed.
If bond principal or interest is in default, a court may appoint a receiver to run the waterworks.
Before bonds are issued, the water district commissioners or city legislative body must set aside and pledge waterworks income and revenue, and set rates to cover bond debt and waterworks costs.
If surplus funds exceed the stated operating-cost amount, water district commissioners or a city legislative body may transfer the excess to the depreciation account.
Money in the depreciation account must be used to offset depreciation in the waterworks or for new construction, extensions, or additions.
The city must pay reasonable waterworks charges monthly as the service accrues, using current funds or tax proceeds, and account for the paid funds like other waterworks revenues.
A water district or city may issue new bonds to pay outstanding bonds.
If the stated officials find the authorized bonds are not enough, they may authorize and issue additional bonds.
A water district or city acquiring waterworks may set up additional bonds for extensions and permanent improvements, including placing them in escrow or issuing them later.
Water district commissioners or a city legislative body may adopt resolutions or ordinances to set provisions for managing waterworks income and revenues and protecting bondholders.
The governing resolutions or ordinances may create a fund for a secured debt or charge tied to a waterworks, and must set aside enough revenue to meet the lien instrument’s requirements or, if none are given, fix the amounts for interest and principal.
A home rule class city that owns a waterworks system may not sell, convey, rent, or lease it unless the city legislative body agrees by majority vote or the voters approve it after proper election notice.
Water district commissioners, municipal legislative bodies, and boards under this chapter have broad powers to act for the chapter’s purposes, including property, water service, contracts, entry, and related acts.
Water districts and municipalities may use eminent domain to acquire specified property for water systems.
If the board cannot reach an agreement with the property owner and wants to use eminent domain, it must follow the Kentucky Eminent Domain Act.
Section 106.240 was repealed in 1976.
A challenge to the validity of certain water district resolutions or city ordinances must be filed within 20 days after adoption.
This section lets certain bond issuers set bond terms and requires the board to sell bonds through a public competitive bidding process.
Kentucky agencies, including the Public Service Commission, have no jurisdiction over water districts or municipalities, water plant and distribution system operations, or rates and charges unless later expressly authorized.
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