66.041 Maximum percentages of net indebtedness.
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/ky/chapter-66/66-041A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A city, urban-county, consolidated local government, or charter county shall not
incur net indebtedness to an amount exceeding the following maximum percentages
on the value of taxable property within the city, urban-county, consolidated local
government, or charter county, as estimated by the last certified assessment
previous to the incurring of the indebtedness:
(a)Cities, urban-counties, consolidated local governments, and charter counties
having a population of fifteen thousand (15,000) or more, ten percent (10%);
(b)Cities, urban-counties, and charter counties having a population of less than
fifteen thousand (15,000) but not less than three thousand, five percent (5%);
and
(c)Cities, urban-counties, and charter counties having a population of less than
three thousand (3,000), three percent (3%).
(2)A county, which is not an urban-county, consolidated local government, or charter
county, or a taxing district shall not incur net indebtedness for all purposes that
exceeds an amount equal to two percent (2%) of the value of the taxable property
within the county or district, as estimated by the last certified assessment previous
to the incurring of the indebtedness.