<br><br> <br>Page 1 of 1 <br>65.117 Notice to state local debt officer required before any financial obligation <br>entered into -- Administrative regulations. <br>(1) No city, county, urban-county, consolidated local government, charter county, <br>special district, or taxing district shall enter into any financing obligation of any <br>nature, whether evidenced by note pursuant to KRS 65.7701 to 65.7721 or <br>otherwise, by lease pursuant to KRS 65.940 to 65.956, under which the lease price <br>exceeds two hundred thousand dollars ($200,000), by bond issuance pursuant to <br>KRS Chapter 66, or any long-term debt obligation of any sort without first notifying <br>the state local debt officer in writing. The Department for Local Government may <br>promulgate administrative regulations to develop the forms for the notification that <br>shall contain the relevant financial terms of the obligation, including the interest <br>rates or method of determining rates, the date of issue, the maturity dates, term of <br>obligation, renewal periods, and the trustee or paying agent, if any. No approval of <br>the state local debt officer shall be required, unless otherwise required by law. <br>(2) Any financing obligation entered into prior to July 15, 2008, shall be considered in <br>compliance if that notification is provided to the state local debt officer no later than <br>one (1) year after July 15, 2008. <br>Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 117, sec. 50, effective July 15, 2010. -- Created <br>2008 Ky. Acts ch. 35, sec. 1, effective July 15, 2008. <br>Legislative Research Commission Note (7/15/2008). The phrase "prior to the passage <br>of this section" in subsection (2) of this section as it appears in 2008 Ky. Acts ch. 35, <br>sec. 1, has been codified to read "prior to July 15, 2008," the date on which the Act <br>became effective and the date of a corresponding reference in that same section. <br><br>