Code · Kentucky · Chapter 65 — General provisions applicable to counties, cities, and other local units

65.7705 Note maximums.

116 words·~1 min read·/ky/chapter-65/65-7705

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

No governmental agency shall authorize or issue notes in any one

(1)fiscal year which in the aggregate shall exceed seventy-five percent (75%) of:

(1)In the case of notes payable solely from and secured by a pledge of taxes, the

amount of taxes levied and to be collected for the current fiscal year;

(2)In the case of notes payable solely from and secured by a pledge of revenues, the

amount of revenues anticipated to be collected during the current fiscal year; and

(3)In the case of notes payable from and secured by a pledge of taxes and revenues, the

sum of taxes and revenues anticipated to be collected during the current fiscal year.