{"data":{"id":"us-ky/krs-66.031","jurisdiction":"us-ky","citation":"KRS 66.031","heading":"Calculation of net indebtedness of issuer.","body":"(1) For purposes of this chapter, the principal amount of outstanding bonds includes:\n(a) The payment or reimbursement requirements of the issuer under credit\nenhancement facilities relating to the principal amount of outstanding bonds;\n(b) The unpaid principa l portion of all lease rental payments of tax -supported\nleases;\n(c) The principal amount of obligations of any instrumentality of an issuer created\nfor the purpose of financing projects which obligations are outstanding within\nthe meaning of the mortgage, trust indenture, or legislation approving those\nobligations and which were issued prior to July 15, 1996, unless the\nobligations would constitute self-supporting obligations; and\n(d) Leases under KRS 65.940 to 65.956 entered into prior to July 15, 1996, unless\nthe lease would constitute self-supporting obligations.\n(2) In calculating the net indebtedness of an issuer, none of the following obligations or\nbonds shall be considered:\n(a) Obligations issued in anticipation of the levy or collection of special\nassessments which are payable solely from those assessments or are otherwise\nself-supporting obligations;\n(b) Obligations issued in anticipation of the collection of current taxes or\nrevenues for the fiscal year which are payable within that fiscal year;\n(c) Obligations, which are not self -supporting obligations, issued after July 15,\n1996, by any instrumentality of the issuer created for the purpose of financing\npublic projects for which there has been no pledge to the payment of debt\ncharges of any tax of the issuer or for which there is covenant by the issuer to\ncollect or levy a tax to pay debt charges;\n(d) Self-supporting obligations and other obligations for which there has been no\npledge to the payment of debt charges of any tax of the issuer or for wh ich\nthere is no covenant by the issuer to collect or levy a tax to pay debt charges;\n(e) Obligations issued to pay costs of public projects to the extent they are issued\nin anticipation of the receipt of, and are payable as to principal from, federal\nor state grants within that fiscal year;\n(f) Leases entered into under KRS 65.940 to 65.956 which are not tax -supported\nleases;\n(g) Bonds issued in the case of an emergency, when the public health or safety\nshould so require; or\n(h) Bonds issued to fund a floating indebtedness.","path":["KRS Chapter 66"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23568","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:23Z","sha256":"362c5ecf45c374d318b7d21d5c07a1b8fb5c110e53dda7b365d1704aeee5ed15","source_id":"us-ky","stale":false,"prev":"us-ky/krs-66.030","next":"us-ky/krs-66.040"},"notice":"GroundRules: Original legal text. Not legal advice."}