2013 Kentucky Revised Statutes CHAPTER 178 - COUNTY ROADS -- GRADE CROSSING ELIMINATION 178.210 Special tax for construction of roads -- Submission to vote -- Short-term bonds.
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178.210 Special tax for construction of roads -- Submission to vote -Short-term bonds.
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The fiscal court of any county may submit to the voters at a special election to
be held for that purpose, the question of voting a tax of any sum not exceeding
twenty cents ($0.20) on the hundred dollars ($100) on all property subject by
law to local taxation, for the construction of the public roads and bridges of the
county, as the fiscal court directs. The order of the fiscal court calling the
election shall specify the amount of the tax to be levied each year and the
number of years for which the tax may be imposed, not exceeding ten (10)
years, and shall also provide that no money in excess of the amount that can
be raised by the levy in any one (1) year shall be expended in that year.
The fiscal court may borrow money and issue bonds therefor in advance of the
collection of the tax for any year, but the amount borrowed shall not exceed
eighty percent (80%) of the estimated tax for the year. The amount of the tax
shall be estimated according to the assessment and collection of the preceding
year. Any money so borrowed shall be paid out of the money raised from the
tax in the year in which the money is borrowed.
For the 1966 tax year and for all subsequent years the rate levied by the
levying authority under the provisions of this section for levies which were
approved prior to December 16, 1965, shall be the compensating tax rate as
defined in KRS 132.010, except as provided in subsection (4) of this section.
Notwithstanding the limitations contained in subsection (3) of this section no
tax rate shall be set lower than that necessary to provide such funds as are
required to meet principal and interest payments on outstanding bonded
indebtedness.
History: Amended 1965 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 10. -- Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
secs. 4307b-1, 4307b-2.
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