KRS 162.100: Limitation on amount of bond issue -- Effect of bonds issued under former

laws.

(1) The bond issue of any district shall not exceed the limits provided in the

Constitution, such limitation to be estimated upon the assessment next before the

last assessment previous to the incurring of the indebtedness.

(2) All of the bonds voted by the various types of school districts and subdistricts prior

to June 14, 1934, shall be retired and the interest paid thereon in accordance with

the laws under which they we re voted, and nothing in KRS 162.080 to 162.100

shall in any way impair any of such bond obligations or the interest thereon.