A merger or consolidation shall not impair contractual obligations of either of the combined cities. Tax levies authorized for the payment of interest and the retirement of bonds or to create sinking funds for such purposes shall continue to be levied and collected over the same area by and for the new governing body in accordance with the laws under which the levies were originally made until all bonded obligations of the old city have been retired.
KRS 81.440
Obligations and special taxes are unimpaired
Effective: March 25, 1960 History: Created 1960 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.