2013 Kentucky Revised Statutes
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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.
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.
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