KRS 178.210: Special tax for construction of roads -- Submission to vote -- Short-term

bonds.

(1) The fiscal court of any county may submit to the voters at a special election to be

held for that purpose, the question of voting a tax of any sum not exceeding twent y

cents ($0.20) on the hundred dollars ($100) on all property subject by law to local

taxation, for the construction of the public roads and bridges of the county, as the

fiscal court directs. The order of the fiscal court calling the election shall specify the

amount of the tax to be levied each year and the number of years for which the tax

may be imposed, not exceeding ten (10) years, and shall also provide that no money

in excess of the amount that can be raised by the levy in any one (1) year shall be

expended in that year.

(2) The fiscal court may borrow money and issue bonds therefor in advance of the

collection of the tax for any year, but the amount borrowed shall not exceed eighty

percent (80%) of the estimated tax for the year. The amount of the t ax shall be

estimated according to the assessment and collection of the preceding year. Any

money so borrowed shall be paid out of the money raised from the tax in the year in

which the money is borrowed.

(3) For the 1966 tax year and for all subsequent ye ars the rate levied by the levying

authority under the provisions of this section for levies which were approved prior

to December 16, 1965, shall be the compensating tax rate as defined in KRS

132.010, except as provided in subsection (4) of this section.

(4) Notwithstanding the limitations contained in subsection (3) of this section no tax

rate shall be set lower than that necessary to provide such funds as are required to

meet principal and interest payments on outstanding bonded indebtedness.