269.080 Election -- Limit of tax -- Issue of bonds -- Maturity.
If the probable cost of the improvement is more than the income and revenues of the <br>county for the year in which it is to be constructed, the county judge/executive shall order <br>an election to be held in the county to ascertain the will of the qualified voters. The <br>election shall be held in conjunction with a regular election, and the proposition shall be <br>filed with the county clerk not later than the second Tuesday in August preceding the <br>regular election. The proposition to be submitted to the voters shall state the amount, and <br>object for which it is to be expended. The amount shall not exceed two percent (2%) of <br>the value of the taxable property for state purposes, ascertained by the assessment next <br>before the last assessment for state purposes. The proposed debt shall be made payable so <br>as not to require a tax rate of more than fifty cents ($0.50) on each one hundred dollars <br>($100) in value of property subject to taxation for state purposes. If two-thirds (2/3) of <br>those voting on the proposition vote for it, that fact shall be noted of record in the order <br>book of the county judge/executive. The county judge/executive shall then have <br>semiannual coupon bonds of the county prepared, to be made payable not later than forty <br>(40) years after date, but payable at the option of the county at any time after two (2) <br>years after date. The bonds shall be signed by the county judge/executive and <br>countersigned by the county clerk. The coupons may be signed by the county clerk only. <br>The bonds, when signed, shall be turned over to the fiscal court of the county.
Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 195, sec. 68, effective July 15, 1996. -- Amended
1978 Ky. Acts ch. 384, sec. 420, effective June 17, 1978. -- Amended 1976 (1st <br>Extra Sess.) Ky. Acts ch. 20, sec. 6, effective January 2, 1978. -- Recodified 1942 <br>Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2414.
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