56.866 Tax and revenue anticipation notes -- Purpose -- Sale and issuance -- Report to Capital Projects and Bond Oversight Committee. - Kentucky Statutes

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Page 1 of 1 56.866 Tax and revenue anticipation notes -- Purpose -- Sale and issuance -- Report to Capital Projects and Bond Oversight Committee. (1) As the receipt of revenues and expenditure demands of a particular fund or account of the Commonwealth render it necessary, the commission may issue tax and
revenue anticipation notes to discharge expenditure demands in anticipation of
estimated revenues that are required to be deposited in that fund or account during
the fiscal year in which the tax and revenue anticipation notes are issued. Tax and
revenue anticipation notes may be sold and issued in the manner and have terms
relating to the payment of interest, principal, and premiums or discounts as market
conditions warrant. Tax and revenue anticipation notes may be issued in an amount
not to exceed seventy-five percent (75%) of the estimated revenues anticipated to be
deposited during the fiscal year in the fund or account for which the tax and revenue
anticipation notes are being issued. Tax and revenue anticipation notes, together
with interest thereon, shall be repaid from revenues required to be deposited in the
fund for which the tax and revenue anticipation notes were issued. Revenues to be
deposited in that fund or account shall be pledged for the repayment of tax and
revenue anticipation notes so long as any tax and revenue anticipation notes remain
outstanding. Any lien on and security interest in taxes or revenues that may be
created as provided in this section shall be prior and superior to any other lien or
security interest created by law or otherwise. (2) Tax and revenue anticipation notes may be refunded or reissued, in whole or in part.
(3) Notwithstanding any statutory provisions to the contrary, including without limitation KRS 56.870, no approvals beyond those specifically required in this
section shall be required for the issuance, sale, and delivery of the tax and revenue
anticipation notes. (4) The commission shall report the issuance of tax and revenue anticipation notes to the Capital Projects and Bond Oversight Committee within thirty (30) days of
issuance. Effective: May 30, 1997
History: Created 1997 (1st Extra. Sess.) Ky. Acts ch. 4, sec. 8, effective May 30, 1997.