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160.540 Power to borrow money in anticipation of taxes.

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160.540 Power to borrow money in anticipation of taxes. Any board of education may borrow money on the credit of the board and issue <br>negotiable notes in anticipation of revenues from school taxes and state revenue for the <br>fiscal year in which the money is borrowed, and may pledge the anticipated revenues <br>from state and local sources for the payment of principal and interest on the loan. The rate <br>of interest shall be at the rate or rates or method of determining rates as the board <br>determines. In all cases such loans shall be repaid within the fiscal year in which they are <br>borrowed. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 274, sec. 33, effective July 15, 1996. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 453, effective July 13, 1990. -- <br>Amended 1982 Ky. Acts ch. 45, sec. 1, effective July 15, 1982. -- Recodified 1942 <br>Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4399-44.