Any board of education may borrow money on the credit of the board and issue negotiable notes in anticipation of revenues from school taxes and state revenue for the fiscal year in which the money is borrowed, and may pledge the anticipated revenues from state and local sources for the payment of principal and interest on the loan. The rate of interest shall be at the rate or rates or method of determining rates as the board determines. In all cases such loans shall be repaid within the fiscal year in which they are borrowed.
Effective: July 15, 1996

Terms Used In Kentucky Statutes 160.540

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Year: means calendar year. See Kentucky Statutes 446.010

History: Amended 1996 Ky. Acts ch. 274, sec. 33, effective July 15, 1996. — Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 453, effective July 13, 1990. — Amended 1982 Ky. Acts ch. 45, sec. 1, effective July 15, 1982. — Recodified 1942
Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4399-44.

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