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56.866 Tax and revenue anticipation notes -- Purpose -- Sale and issuance -- Report to Capital Projects and Bond Oversight Committee.

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Page 1 of 1 56.866 Tax and revenue anticipation notes -- Purpose -- Sale and issuance -- Report to Capital Projects and Bond Oversight Committee. (1) As the receipt of revenues and expenditure demands of a particular fund or account of the Commonwealth render it necessary, the commission may issue tax and <br>revenue anticipation notes to discharge expenditure demands in anticipation of <br>estimated revenues that are required to be deposited in that fund or account during <br>the fiscal year in which the tax and revenue anticipation notes are issued. Tax and <br>revenue anticipation notes may be sold and issued in the manner and have terms <br>relating to the payment of interest, principal, and premiums or discounts as market <br>conditions warrant. Tax and revenue anticipation notes may be issued in an amount <br>not to exceed seventy-five percent (75%) of the estimated revenues anticipated to be <br>deposited during the fiscal year in the fund or account for which the tax and revenue <br>anticipation notes are being issued. Tax and revenue anticipation notes, together <br>with interest thereon, shall be repaid from revenues required to be deposited in the <br>fund for which the tax and revenue anticipation notes were issued. Revenues to be <br>deposited in that fund or account shall be pledged for the repayment of tax and <br>revenue anticipation notes so long as any tax and revenue anticipation notes remain <br>outstanding. Any lien on and security interest in taxes or revenues that may be <br>created as provided in this section shall be prior and superior to any other lien or <br>security interest created by law or otherwise. (2) Tax and revenue anticipation notes may be refunded or reissued, in whole or in part. <br>(3) Notwithstanding any statutory provisions to the contrary, including without limitation KRS 56.870, no approvals beyond those specifically required in this <br>section shall be required for the issuance, sale, and delivery of the tax and revenue <br>anticipation notes. (4) The commission shall report the issuance of tax and revenue anticipation notes to the Capital Projects and Bond Oversight Committee within thirty (30) days of <br>issuance. Effective: May 30, 1997 <br>History: Created 1997 (1st Extra. Sess.) Ky. Acts ch. 4, sec. 8, effective May 30, 1997.