Kentucky Statutes 177.740 – Form of question for ballots if bonds not sold prior to August 31, 1960
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In the event the unissued 1956 bonds are not sold by the commission on or prior to August 31, 1960, as provided in subsection (2) of KRS § 177.700, the form of the question which shall be caused to appear upon the ballots at the occasion of the general election to be held on November 8, 1960, shall be as follows:
GENERAL OBLIGATION BONDS OF THE COMMONWEALTH FOR HIGHWAYS AND PARKS
“Are you in favor of the Act of the General Assembly known as Senate Bill No.
251, enacted at the Regular Session of 1960, wherein it is proposed to remove the three percent interest rate limitation presently applicable and permit the otherwise lawful rate to apply to unissued bonds of the Commonwealth’s issue of general obligation bonds for highways, bridges and tunnels, authorized by the voters at an election held on November
6, 1956, and that the Commonwealth issue and sell additional general obligation bonds in the principal sum of one hundred million dollars ($100,000,000) from the proceeds of which ten million dollars ($10,000,000) will be set aside for establishing, developing, and improving state parks and developing and improving existing state parks, and ninety million dollars ($90,000,000) will be set aside for constructing and improving highways, bridges and tunnels in the Commonwealth wherein there is to be federal cost participation?”
History: Created 1960 Ky. Acts ch. 106, sec. 6.
GENERAL OBLIGATION BONDS OF THE COMMONWEALTH FOR HIGHWAYS AND PARKS
Terms Used In Kentucky Statutes 177.740
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
“Are you in favor of the Act of the General Assembly known as Senate Bill No.
251, enacted at the Regular Session of 1960, wherein it is proposed to remove the three percent interest rate limitation presently applicable and permit the otherwise lawful rate to apply to unissued bonds of the Commonwealth’s issue of general obligation bonds for highways, bridges and tunnels, authorized by the voters at an election held on November
6, 1956, and that the Commonwealth issue and sell additional general obligation bonds in the principal sum of one hundred million dollars ($100,000,000) from the proceeds of which ten million dollars ($10,000,000) will be set aside for establishing, developing, and improving state parks and developing and improving existing state parks, and ninety million dollars ($90,000,000) will be set aside for constructing and improving highways, bridges and tunnels in the Commonwealth wherein there is to be federal cost participation?”
History: Created 1960 Ky. Acts ch. 106, sec. 6.