{"data":{"id":"us-ky/krs-56.866","jurisdiction":"us-ky","citation":"KRS 56.866","heading":"Tax and revenue anticipation notes -- Purpose -- Sale and issuance -- Report","body":"to Capital Projects and Bond Oversight Committee.\n(1) As the receipt of revenues and expenditure demands of a particular fund or account\nof the Commonwealth render it necessar y, the commission may issue tax and\nrevenue anticipation notes to discharge expenditure demands in anticipation of\nestimated revenues that are required to be deposited in that fund or account during\nthe fiscal year in which the tax and revenue anticipation  notes are issued. Tax and\nrevenue anticipation notes may be sold and issued in the manner and have terms\nrelating to the payment of interest, principal, and premiums or discounts as market\nconditions warrant. Tax and revenue anticipation notes may be issu ed in an amount\nnot to exceed seventy-five percent (75%) of the estimated revenues anticipated to be\ndeposited during the fiscal year in the fund or account for which the tax and revenue\nanticipation notes are being issued. Tax and revenue anticipation not es, together\nwith interest thereon, shall be repaid from revenues required to be deposited in the\nfund for which the tax and revenue anticipation notes were issued. Revenues to be\ndeposited in that fund or account shall be pledged for the repayment of tax and\nrevenue anticipation notes so long as any tax and revenue anticipation notes remain\noutstanding. Any lien on and security interest in taxes or revenues that may be\ncreated as provided in this section shall be prior and superior to any other lien or\nsecurity interest created by law or otherwise.\n(2) Tax and revenue anticipation notes may be refunded or reissued, in whole or in part.\n(3) Notwithstanding any statutory provisions to the contrary, including without\nlimitation KRS 56.870, no approvals beyond  those specifically required in this\nsection shall be required for the issuance, sale, and delivery of the tax and revenue\nanticipation notes.\n(4) The commission shall report the issuance of tax and revenue anticipation notes to\nthe Capital Projects and Bo nd Oversight Committee within thirty (30) days of\nissuance.","path":["KRS Chapter 56"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22739","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:12Z","sha256":"4e203688f3d8d8a4c2538998f02be31207a0956c9b56c818d71e282ad0b918b8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-56.865","next":"us-ky/krs-56.867"},"notice":"GroundRules: Original legal text. Not legal advice."}