65.7703 Authority to borrow money in anticipation of taxes or revenues -- Notes to be payable only by appropriation. - Kentucky Statutes

Download pdf

Loading PDF...

65.7703 Authority to borrow money in anticipation of taxes or revenues -- Notes to be payable only by appropriation. A governmental agency shall have power and authority, by legislation duly adopted, to
borrow moneys from time to time in any fiscal year in anticipation of the receipt of
current taxes or revenues, or both, to evidence the obligation by notes, appropriately
designated, and to authorize, issue, and sell notes in the manner, and subject to the
limitations provided in KRS 65.7703 to 65.7721. Notes shall be payable only from
moneys appropriated by the governing body of the governmental agency. The power to
borrow from time to time shall include, but not be limited to, the power to make a single
authorization and issue and sell portions of the amount of authorized notes whenever
desired during the fiscal year. Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 76, sec. 2, effective July 13, 1990.