KRS 66.320: Assistance to counties in reorganizing debt structure -- Investigation of debt

situation.

Any county, upon petition of its fiscal court, is entitled as a matter of right to the

assistance of the state local debt officer in formulating a plan for reorga nizing its debt

structure. When any county is in default on the principal or interest of any indebtedness,

or gives evidence of becoming unable to meet principal or interest maturities on any

funded indebtedness within a reasonable time, or has an indebted ness which might, with

advantage to the county, be funded or refunded, the state local debt officer may

investigate the debt situation and credit standing of the county and negotiate with officials

and creditors of the county for the purpose of formulating a plan for issuing or reissuing

bonds.