KRS 65.7703: Authority to borrow money in anticipation of taxes or revenues -- Notes to

be payable only by appropriation.

A governmental agency shall have power and authority, by legislation duly adopted, to

borrow moneys from time to time in any fiscal year in an ticipation of the receipt of

current taxes or revenues, or both, to evidence the obligation by notes, appropriately

designated, and to authorize, issue, and sell notes in the manner, and subject to the

limitations provided in KRS 65.7703 to 65.7721. Notes shall be payable only from

moneys appropriated by the governing body of the governmental agency. The power to

borrow from time to time shall include, but not be limited to, the power to make a single

authorization and issue and sell portions of the amount of authorized notes whenever

desired during the fiscal year.