177.710 Commonwealth to contract additional indebtedness not to exceed one hundred million dollars for parks, and for highways, bridges and tunnels -- Submission to voters at an election on November 8 - Kentucky Statutes

Download pdf

Loading PDF...

177.710 Commonwealth to contract additional indebtedness not to exceed one hundred million dollars for parks, and for highways, bridges and tunnels --
Submission to voters at an election on November 8, 1960, according to Section
50 of the Constitution. Subject to the provisions of Section 50 of the Constitution of the Commonwealth, as
hereinafter provided, a direct indebtedness of the Commonwealth in the principal amount
of one hundred million dollars ($100,000,000) in addition to the 1956 bonds, and in
addition to any and all other bonds and indebtedness of the Commonwealth, shall be
incurred by the Commonwealth through issuance of its general obligation bonds, for the
prompt payment of which when due, both principal and interest, the full faith, credit,
resources, and unlimited taxing power of the Commonwealth shall irrevocably be
pledged; and from the proceeds thereof not to exceed ten million dollars ($10,000,000)
shall be and are hereby appropriated and shall be used for establishment, development,
and improvement of state parks and for development and improvement of existing state
parks; and not to exceed ninety million dollars ($90,000,000) shall be and are hereby
appropriated and shall be used for construction of highways, bridges, and tunnels,
wherein there is to be federal participation (all of said bonds, for convenience, being
sometimes hereinafter referred to as the "1960 bonds"). As provided in Section 50 of the
Constitution of the Commonwealth, no part of said indebtedness shall be incurred unless
authorized and approved by a majority vote upon submission to the voters at an election
as hereinafter provided. Such submission shall be at the regular elections which are to be
held on November 8, 1960. Effective: June 16, 1960
History: Created 1960 Ky. Acts ch. 106, sec. 3, effective June 16, 1960.