State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 040-00 > 005

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</p> <p>40.005 Authorization to enact veterans&#8217; bonus.<br /> The General Assembly shall by law provide for the issuance and sale of bonds of the <br />Commonwealth, notwithstanding the limitation of indebtedness in Section 49 or any <br />other section of the Constitution of Kentucky, which shall be in addition to all other <br />bonds of the Commonwealth heretofore authorized. The proceeds of such additional <br />bonds, or so many thereof as may be necessary for the purpose, shall be used and <br />appropriated solely for the purpose of paying a cash bonus not to exceed &#36;500 for service <br />outside the continental limits of the United States, and &#36;300 for service in the continental <br />limits of the United States to the veterans, their widows or heirs, or next of kin, of the <br />Spanish-American War, World War I, World War II, and the Korean conflict, who were <br />residents of the Commonwealth at the time of their entry into the service and at least six <br />(6) months prior thereto. The General Assembly at the same session authorizing the <br />issuance of the bonds shall levy a tax upon all retail sales at such a rate as will pay the <br />interest upon and retire the bonds in no less than thirty (30) years, provided that retail <br />sales of food and food products, medicines, and clothing may be exempted from such tax.<br /> History: Created 1958 Ky. Acts ch. 48, sec. 1. </p> <p>