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177.710 Commonwealth to contract additional indebtedness not to exceed one hundred million dollars for parks, and for highways, bridges and tunnels -- Submission to voters at an election on November 8

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177.710 Commonwealth to contract additional indebtedness not to exceed one hundred million dollars for parks, and for highways, bridges and tunnels -- <br>Submission to voters at an election on November 8, 1960, according to Section <br>50 of the Constitution. Subject to the provisions of Section 50 of the Constitution of the Commonwealth, as <br>hereinafter provided, a direct indebtedness of the Commonwealth in the principal amount <br>of one hundred million dollars (&#36;100,000,000) in addition to the 1956 bonds, and in <br>addition to any and all other bonds and indebtedness of the Commonwealth, shall be <br>incurred by the Commonwealth through issuance of its general obligation bonds, for the <br>prompt payment of which when due, both principal and interest, the full faith, credit, <br>resources, and unlimited taxing power of the Commonwealth shall irrevocably be <br>pledged; and from the proceeds thereof not to exceed ten million dollars (&#36;10,000,000) <br>shall be and are hereby appropriated and shall be used for establishment, development, <br>and improvement of state parks and for development and improvement of existing state <br>parks; and not to exceed ninety million dollars (&#36;90,000,000) shall be and are hereby <br>appropriated and shall be used for construction of highways, bridges, and tunnels, <br>wherein there is to be federal participation (all of said bonds, for convenience, being <br>sometimes hereinafter referred to as the &quot;1960 bonds&quot;). As provided in Section 50 of the <br>Constitution of the Commonwealth, no part of said indebtedness shall be incurred unless <br>authorized and approved by a majority vote upon submission to the voters at an election <br>as hereinafter provided. Such submission shall be at the regular elections which are to be <br>held on November 8, 1960. Effective: June 16, 1960 <br>History: Created 1960 Ky. Acts ch. 106, sec. 3, effective June 16, 1960.