KRS 66.041: Maximum percentages of net indebtedness.

(1) A city, urban -county, consolidated local government, or charter county shall not

incur net indebtedness to an amount exceeding the following maximum percentages

on the value of taxable property within the city, urban -county, consolidated local

government, or charter county, as estimated by the last certified assessment

previous to the incurring of the indebtedness:

(a) Cities, urban -counties, consolidated local governments, and charter counties

having a population of fifteen thousand (15,000) or more, ten percent (10%);

(b) Cities, urban-counties, and charter counties having a population of less than

fifteen thousand (15,000) but not less than three thousand, five percent (5%);

and

(c) Cities, urban-counties, and charter counties having a population of less than

three thousand (3,000), three percent (3%).

(2) A county, which is not an urban -county, consolidated local government, or charter

county, or a taxing district shall not incur net indebtedness for all purposes that

exceeds an amount equal to two percen t (2%) of the value of the taxable property

within the county or district, as estimated by the last certified assessment previous

to the incurring of the indebtedness.