Any county, upon petition of its fiscal court, is entitled as a matter of right to the assistance of the state local debt officer in formulating a plan for reorganizing its debt structure. When any county is in default on the principal or interest of any indebtedness, or gives evidence of becoming unable to meet principal or interest maturities on any funded indebtedness within a reasonable time, or has an indebtedness which might, with advantage to the county, be funded or refunded, the state local debt officer may investigate the debt situation and credit standing of the county and negotiate with officials and creditors of the county for the purpose of formulating a plan for issuing or reissuing bonds.
Effective: July 15, 1994
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Terms Used In Kentucky Statutes 66.320

  • Bonds: means bonds, notes, commercial paper, and other instruments in writing, authorized by or issued pursuant to or in accordance with this chapter, to evidence an obligation to repay or guarantee the repayment of money borrowed, or to pay interest by, or to pay at any future time other money obligations. See Kentucky Statutes 66.011
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • State local debt officer: as used in this chapter and other provisions of law, means the commissioner, Department for Local Government or the commissioner's agent designated in writing. See Kentucky Statutes 66.011

History: Amended 1994 Ky. Acts ch. 508, sec. 30, effective July 15, 1994. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 938q-5.

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