178.210 Special tax for construction of roads -- Submission to vote -- Short-term bonds. - Kentucky Statutes

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178.210 Special tax for construction of roads -- Submission to vote -- Short-term bonds. (1) The fiscal court of any county may submit to the voters at a special election to be held for that purpose, the question of voting a tax of any sum not exceeding twenty
cents ($0.20) on the hundred dollars ($100) on all property subject by law to local
taxation, for the construction of the public roads and bridges of the county, as the
fiscal court directs. The order of the fiscal court calling the election shall specify the
amount of the tax to be levied each year and the number of years for which the tax
may be imposed, not exceeding ten (10) years, and shall also provide that no money
in excess of the amount that can be raised by the levy in any one (1) year shall be
expended in that year. (2) The fiscal court may borrow money and issue bonds therefor in advance of the collection of the tax for any year, but the amount borrowed shall not exceed eighty
percent (80%) of the estimated tax for the year. The amount of the tax shall be
estimated according to the assessment and collection of the preceding year. Any
money so borrowed shall be paid out of the money raised from the tax in the year in
which the money is borrowed. (3) For the 1966 tax year and for all subsequent years the rate levied by the levying authority under the provisions of this section for levies which were approved prior
to December 16, 1965, shall be the compensating tax rate as defined in KRS
132.010, except as provided in subsection (4) of this section. (4) Notwithstanding the limitations contained in subsection (3) of this section no tax rate shall be set lower than that necessary to provide such funds as are required to
meet principal and interest payments on outstanding bonded indebtedness. History: Amended 1965 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 10. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4307b-1,
4307b-2.