<br><br>65.7705 Note maximums. <br>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 <br>amount of taxes levied and to be collected for the current fiscal year; <br>(2) In the case of notes payable solely from and secured by a pledge of revenues, the <br>amount of revenues anticipated to be collected during the current fiscal year; and <br>(3) In the case of notes payable from and secured by a pledge of taxes and revenues, the <br>sum of taxes and revenues anticipated to be collected during the current fiscal year. <br>Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 76, sec. 3, effective July 13, 1990. <br><br>