Kentucky Statutes 66.041 – Maximum percentages of net indebtedness
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(1) A city, urban-county, consolidated local government, or charter county shall not incur net indebtedness to an amount exceeding the following maximum percentages on the value of taxable property within the city, urban-county, consolidated local government, or charter county, as estimated by the last certified assessment previous to the incurring of the indebtedness:
(a) Cities, urban-counties, consolidated local governments, and charter counties having a population of fifteen thousand (15,000) or more, ten percent (10%);
(b) Cities, urban-counties, and charter counties having a population of less than fifteen thousand (15,000) but not less than three thousand, five percent (5%); and
(c) Cities, urban-counties, and charter counties having a population of less than three thousand (3,000), three percent (3%).
(2) A county, which is not an urban-county, consolidated local government, or charter county, or a taxing district shall not incur net indebtedness for all purposes that exceeds an amount equal to two percent (2%) of the value of the taxable property within the county or district, as estimated by the last certified assessment previous to the incurring of the indebtedness.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 346, sec. 37, effective July 15, 2002. — Created
1996 Ky. Acts ch. 280, sec. 4, effective July 15, 1996.
(a) Cities, urban-counties, consolidated local governments, and charter counties having a population of fifteen thousand (15,000) or more, ten percent (10%);
Terms Used In Kentucky Statutes 66.041
- City: includes town. See Kentucky Statutes 446.010
- Net indebtedness: means the principal amount of outstanding bonds of an issuer as determined in accordance with KRS §. See Kentucky Statutes 66.011
- Taxing district: means an issuer, other than a county, city, urban-county, or charter county authorized to levy ad valorem taxes within the meaning of Section 157 of the Constitution of Kentucky which is not a school district. See Kentucky Statutes 66.011
(b) Cities, urban-counties, and charter counties having a population of less than fifteen thousand (15,000) but not less than three thousand, five percent (5%); and
(c) Cities, urban-counties, and charter counties having a population of less than three thousand (3,000), three percent (3%).
(2) A county, which is not an urban-county, consolidated local government, or charter county, or a taxing district shall not incur net indebtedness for all purposes that exceeds an amount equal to two percent (2%) of the value of the taxable property within the county or district, as estimated by the last certified assessment previous to the incurring of the indebtedness.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 346, sec. 37, effective July 15, 2002. — Created
1996 Ky. Acts ch. 280, sec. 4, effective July 15, 1996.