KRS 160.540: Power to borrow money in anticipation of taxes.

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.