Statutes > Kentucky Statutes > CHAPTER 66 ISSUANCE OF BONDS AND CONTROL OF FUNDS > 66.530 Pledge of proceeds of license tax by county for public improvement -- Limitations -- Effect of bonds.

66.530 Pledge of proceeds of license tax by county for public improvement -- Limitations -- Effect of bonds.

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66.530 Pledge of proceeds of license tax by county for public improvement -- Limitations -- Effect of bonds. Subject to the will of any General Assembly and Sections 176 and 177 of the <br>Constitution, the fiscal court of a county levying the full percentage of the occupational <br>license fee authorized for nonschool purposes by KRS 68.180 may pledge no more than <br>twelve percent (12%) of the revenue annually to be derived therefrom as security for <br>special obligations bonds of the fiscal court for any public improvement within the scope <br>of KRS 66.510 to 66.543. The bonds shall not be obligations of the county but merely of <br>the special fund made up of the pledged fees. No election under Sections 157 and 159 of <br>the Constitution shall be required for said bonds. In all other respects the bonds shall be <br>deemed to have been authorized and issued pursuant to KRS Chapter 66. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 280, sec. 26, effective July 15, 1996. -- Created 1966 Ky. Acts ch. 232, sec. 8.