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2011 Kentucky Revised Statutes
CHAPTER 68 COUNTY FINANCE AND COUNTY TREASURER
68.320 Borrowing in anticipation of current receipts.


KY Rev Stat § 68.320 (1996 through Reg Sess) What's This?
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68.320 Borrowing in anticipation of current receipts. The fiscal court may borrow money in anticipation of revenue receipts to meet the current expenses of the county as they accrue, and to pay interest and principal on bonded debts. Such current borrowing shall not exceed seventy-five percent (75%) of the unrealized and unencumbered revenue estimated in the budget to be derived from a tax levy for the then current fiscal year from which the principal of the borrowed money and the interest thereon may be paid. Bonded debt duly authorized and incurred is not subject to the limit imposed by this section. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 938q-16.

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