65.117 Notice to state local debt officer required before any financial obligation

199 words·~1 min read·/ky/65-117

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

entered into -- Administrative regulations.

(1)No city, county, urban-county, consolidated local government, charter county, or

special purpose governmental entity as defined in KRS 65A.010 shall enter into any

financing obligation of any nature, whether evidenced by note pursuant to KRS

65.7701 to 65.7721 or otherwise, by lease pursuant to KRS 65.940 to 65.956, under

which the lease price exceeds two hundred thousand dollars ($200,000), by bond

issuance pursuant to KRS Chapter 66, or any long-term debt obligation of any sort

without first notifying the state local debt officer in writing. The Department for

Local Government may promulgate administrative regulations to develop the forms

for the notification that shall contain the relevant financial terms of the obligation,

including the interest rates or method of determining rates, the date of issue, the

maturity dates, term of obligation, renewal periods, and the trustee or paying agent,

if any. No approval of the state local debt officer shall be required, unless otherwise

required by law.

(2)Any financing obligation entered into prior to July 15, 2008, shall be considered in

compliance if that notification is provided to the state local debt officer no later than

one

(1)year after July 15, 2008.