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40.005 Authorization to enact veterans' bonus.
The General Assembly shall by law provide for the issuance and sale of bonds of the
Commonwealth, notwithstanding the limitation of indebtedness in Section 49 or any
other section of the Constitution of Kentucky, which shall be in addition to all other
bonds of the Commonwealth heretofore authorized. The proceeds of such additional
bonds, or so many thereof as may be necessary for the purpose, shall be used and
appropriated solely for the purpose of paying a cash bonus not to exceed $500 for service
outside the continental limits of the United States, and $300 for service in the continental
limits of the United States to the veterans, their widows or heirs, or next of kin, of the
Spanish-American War, World War I, World War II, and the Korean conflict, who were
residents of the Commonwealth at the time of their entry into the service and at least six
(6) months prior thereto. The General Assembly at the same session authorizing the
issuance of the bonds shall levy a tax upon all retail sales at such a rate as will pay the
interest upon and retire the bonds in no less than thirty (30) years, provided that retail
sales of food and food products, medicines, and clothing may be exempted from such tax.
History: Created 1958 Ky. Acts ch. 48, sec. 1.
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