2015 Kentucky Revised Statutes
CHAPTER 65 - GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS
65.117 Notice to state local debt officer required before any financial obligation entered into -- Administrative regulations.
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<![CDATA[65.117 Notice to state local debt officer required before any financial obligation
entered into -- Administrative regulations.
(1)
(2)
No city, county, urban-county, consolidated local government, charter county, or
special purpose governmental entity as defined in KRS 65A.010 shall enter into any
financing obligation of any nature, whether evidenced by note pursuant to KRS
65.7701 to 65.7721 or otherwise, by lease pursuant to KRS 65.940 to 65.956, under
which the lease price exceeds two hundred thousand dollars ($200,000), by bond
issuance pursuant to KRS Chapter 66, or any long-term debt obligation of any sort
without first notifying the state local debt officer in writing. The Department for
Local Government may promulgate administrative regulations to develop the forms
for the notification that shall contain the relevant financial terms of the obligation,
including the interest rates or method of determining rates, the date of issue, the
maturity dates, term of obligation, renewal periods, and the trustee or paying agent,
if any. No approval of the state local debt officer shall be required, unless otherwise
required by law.
Any financing obligation entered into prior to July 15, 2008, shall be considered in
compliance if that notification is provided to the state local debt officer no later than
one (1) year after July 15, 2008.
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 14, effective March 21, 2013. -Amended 2010 Ky. Acts ch. 117, sec. 50, effective July 15, 2010. -- Created 2008
Ky. Acts ch. 35, sec. 1, effective July 15, 2008.
Legislative Research Commission Note (7/15/2008). The phrase "prior to the passage
of this section" in subsection (2) of this section as it appears in 2008 Ky. Acts ch. 35,
sec. 1, has been codified to read "prior to July 15, 2008," the date on which the Act
became effective and the date of a corresponding reference in that same section.
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