65.7705 Note maximums. 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 an d 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 an d secured by a pledge of taxes and revenues, the sum of taxes and revenues anticipated to be collected during the current fiscal year. Effective: July 13, 1990 History: Created 1990 Ky. Acts ch. 76, sec. 3, effective July 13, 1990.
Kentucky Legal Code