KRS 65.7705: Note maximums.

No governmental agency shall authorize or issue notes in any one (1) fiscal year which in

the aggregate shall exceed seventy-five percent (75%) of:

(1) In the case of notes payable solely from and secured by a pledge of taxes, the

amount of taxes levied and to be collected for the current fiscal year;

(2) In the case of notes payable solely from and secured by a pledge of revenues, the

amount of revenues anticipated to be collected during the current fiscal year; and

(3) In the case of notes payable from and secured by a pledge of taxes and revenues, the

sum of taxes and revenues anticipated to be collected during the current fiscal year.