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66.400 Taxing units may go into bankruptcy -- Approval of state local debt officer and state local finance officer required for county.

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Page 1 of 1 66.400 Taxing units may go into bankruptcy -- Approval of state local debt officer and state local finance officer required for county. Any taxing agency or instrumentality as defined in Chapter IX of the Federal Bankruptcy <br>Act as amended by the Acts of Congress of August 16, 1937, Chapter 657, June 22, 1938, <br>Chapter 575, March 4, 1940, Chapter 41, June 28, 1940, Chapter 438 and acts <br>amendatory and supplementary thereto or acts extending the date of expiration thereof, as <br>the same may be amended or extended from time to time, may file a petition for the <br>composition of its debts and to do all things necessary to comply with the provisions of <br>the Federal Bankruptcy Act. No county shall file a petition as provided in the Federal <br>Bankruptcy Act unless the proposed plan is first approved by the state local debt officer <br>and the state local finance officer, as defined in KRS 68.001. No changes or <br>modifications shall be made in the plan of composition after the filing of the petition <br>without the approval of the state local debt officer and the state local finance officer. The <br>state local debt officer and the state local finance officer shall approve or disapprove the <br>proposed plan of composition or any changes or modifications thereof under the same <br>procedure and for the same reasons as bonds are approved or disapproved under KRS <br>66.280 to 66.390. Effective: July 15, 1994 <br>History: Amended 1994 Ky. Acts ch. 508, sec. 38, effective July 15, 1994. -- Created 1942 Ky. Acts ch. 146, sec. 1.