68.320 Borrowing in anticipation of current receipts. - Kentucky Statutes

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68.320 Borrowing in anticipation of current receipts. The fiscal court may borrow money in anticipation of revenue receipts to meet the current
expenses of the county as they accrue, and to pay interest and principal on bonded debts.
Such current borrowing shall not exceed seventy-five percent (75%) of the unrealized and
unencumbered revenue estimated in the budget to be derived from a tax levy for the then
current fiscal year from which the principal of the borrowed money and the interest
thereon may be paid. Bonded debt duly authorized and incurred is not subject to the limit
imposed by this section. Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 938q-16.