Ky. Rev. Stat. § 160.540
Current through Acts Received April 24, 2024
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.
KRS 160.540
Amended 1996, Ky. Acts ch. 274, sec. 33, effective7/15/1996. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 453, effective 7/13/1990. --Amended 1982 Ky. Acts ch. 45, sec. 1, effective 7/15/1982. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective 10/1/1942, from Ky. Stat. sec. 4399-44.