65.7705 Note maximums.
No governmental agency shall authorize or issue notes in any one (1) fiscal year which in <br>the aggregate shall exceed seventy-five percent (75%) of: <br>(1) In the case of notes payable solely from and secured by a pledge of taxes, the
amount of taxes levied and 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 and 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 <br>History: Created 1990 Ky. Acts ch. 76, sec. 3, effective July 13, 1990.
65.7705 Note maximums.
No governmental agency shall authorize or issue notes in any one (1) fiscal year which in <br>the aggregate shall exceed seventy-five percent (75%) of: <br>(1) In the case of notes payable solely from and secured by a pledge of taxes, the
amount of taxes levied and 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 and 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 <br>History: Created 1990 Ky. Acts ch. 76, sec. 3, effective July 13, 1990.
65.7705 Note maximums.
No governmental agency shall authorize or issue notes in any one (1) fiscal year which in <br>the aggregate shall exceed seventy-five percent (75%) of: <br>(1) In the case of notes payable solely from and secured by a pledge of taxes, the
amount of taxes levied and 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 and 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 <br>History: Created 1990 Ky. Acts ch. 76, sec. 3, effective July 13, 1990.
