Find Legal Information

66.320 Assistance to counties in reorganizing debt structure -- Investigation of debt situation.

Download pdf

Page 1 of 1 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 <br>assistance of the state local debt officer in formulating a plan for reorganizing its debt <br>structure. When any county is in default on the principal or interest of any indebtedness, <br>or gives evidence of becoming unable to meet principal or interest maturities on any <br>funded indebtedness within a reasonable time, or has an indebtedness which might, with <br>advantage to the county, be funded or refunded, the state local debt officer may <br>investigate the debt situation and credit standing of the county and negotiate with officials <br>and creditors of the county for the purpose of formulating a plan for issuing or reissuing <br>bonds. Effective: July 15, 1994 <br>History: Amended 1994 Ky. Acts ch. 508, sec. 30, effective July 15, 1994. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. <br>sec. 938q-5.