KRS 177.580: State debt contracted -- Legislative intent for KRS 177.580 to 177.630 --

Approval of people.

Subject to the provisions of Sections 49 and 50 of the Constitution of Kentucky, there is

hereby contracted on behalf of the Commonwealth a debt in the amoun t of one hundred

million dollars ($100,000,000). It is hereby declared to be the intent of the General

Assembly in enacting KRS 177.580 to 177.630 and contracting the aforesaid debt on

behalf of the Commonwealth to provide a method whereby the Commonwealth of

Kentucky can issue bonds directly obligating the Commonwealth in an amount of one

hundred million dollars ($100,000,000) for the purpose of providing funds to match

federal funds allocated to Kentucky for the construction and reconstruction of highways ,

tunnels and bridges within the Commonwealth of Kentucky, subject to the approval of the

people of the Commonwealth of Kentucky as provided in section 50 of the Constitution

of Kentucky; such approval or disapproval to be expressed at the general election to be

held on November 6, 1956.