2013 Kentucky Revised Statutes
CHAPTER 66 - ISSUANCE OF BONDS AND CONTROL OF FUNDS
66.400 Taxing units may go into bankruptcy -- Approval of state local debt officer and state local finance officer required for county.

Download as PDF 66.400 Taxing units may go into bankruptcy -- Approval of state local debt officer and state local finance officer required for county. Any taxing agency or instrumentality as defined in Chapter IX of the Federal Bankruptcy Act as amended by the Acts of Congress of August 16, 1937, Chapter 657, June 22, 1938, Chapter 575, March 4, 1940, Chapter 41, June 28, 1940, Chapter 438 and acts amendatory and supplementary thereto or acts extending the date of expiration thereof, as the same may be amended or extended from time to time, may file a petition for the composition of its debts and to do all things necessary to comply with the provisions of the Federal Bankruptcy Act. No county shall file a petition as provided in the Federal Bankruptcy Act unless the proposed plan is first approved by the state local debt officer and the state local finance officer, as defined in KRS 68.001. No changes or modifications shall be made in the plan of composition after the filing of the petition without the approval of the state local debt officer and the state local finance officer. The state local debt officer and the state local finance officer shall approve or disapprove the proposed plan of composition or any changes or modifications thereof under the same procedure and for the same reasons as bonds are approved or disapproved under KRS 66.280 to 66.390. Effective:July 15, 1994 History: Amended 1994 Ky. Acts ch. 508, sec. 38, effective July 15, 1994. -Created 1942 Ky. Acts ch. 146, sec. 1.