177.5 80 State debt contracted -- Legislative intent for KRS 177.580 to 177.630 -- Approval of people. Subject to the provisions of Sections 49 and 50 of the Constitution of Kentucky, there is hereby contracted on behalf of the Commonwealth a debt in the amoun t of one hundred million dollars ($100,000,000). It is hereby declared to be the intent of the General Assembly in enacting KRS 177.580 to 177.630 and contracting the aforesaid debt on behalf of the Commonwealth to provide a method whereby the Commonwealth of Kentucky can issue bonds directly obligating the Commonwealth in an amount of one hundred million dollars ($100,000,000) for the purpose of providing funds to match federal funds allocated to Kentucky for the construction and reconstruction of highways , tunnels and bridges within the Commonwealth of Kentucky, subject to the approval of the people of the Commonwealth of Kentucky as provided in section 50 of the Constitution of Kentucky; such approval or disapproval to be expressed at the general election to be held on November 6, 1956. Effective: June 26, 1956 History: Created 1956 (2nd Extra Sess.) Ky. Acts ch. 3, sec. 1, effective June 26, 1956.
Kentucky Legal Code