Kentucky Revised Statutes

Ky. Rev. Stat. § 160.540 (2026)

Power to borrow money in anticipation of taxes

✓ current as of May 2026

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 -- Repealed and reenacted 1990 Ky.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

Notes of Decisions

Cited in 1 case, 1961–1961 · leading case: Bell v. Bd. of Educ., 343 S.W.2d 804 (Ky. Ct. App. 1961).

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Bell v. Bd. of Educ., 343 S.W.2d 804 (Ky. Ct. App. 1961). “220) of a proposed bond issue of $141,-000 to fund a debt covered by several notes due a local bank which were authorized by KRS 160.540. Inability to pay the notes is due to a deficiency in the collection of anticipated revenues.”

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