KRS 68.320: Borrowing in anticipation of current receipts.

The fiscal court may borrow money in anticipation of revenue receipts to meet the current

expenses of the county as they accrue, and to pay interest and principal on bonded debts.

Such current borrowing shall not exceed seventy-five percent (75%) of the unrealized and

unencumbered revenue estimated in the budget to be derived from a tax levy for the then

current fiscal year from which the principal of the borrowed money and the interest

thereon may be paid. Bonded debt duly authorized and incurred is not su bject to the limit

imposed by this section.