66.041 Maximum percentages of net indebtedness. (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 p ercent (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 percen t (2%) of the value of the taxable property within the county or district, as estimated by the last certified ll not incur net indebtedness for all purposes that exceeds an amount equal to two percen t (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. Effective: July 15, 2002 History: Amended 2002 Ky. Acts ch. 346, sec. 37, effective July 15, 2002. -- Created 1996 Ky. Acts ch. 280, sec. 4, effective July 15, 1996.
Kentucky Legal Code