(A) Constitutional and statutory limitations. Section 158 of the Constitution of Kentucky established the city’s legal debt margin at 10% of the assessed value of real property within the city shown by the last preceding assessment for taxes.
(B) Self-imposed debt targets.
(1) For all of the city’s self-imposed debt targets, the city may exclude all or a portion of any bonds or leases that are self-supporting.
(2) Net tax-supported GO debt service shall not exceed 10% of General Fund revenues.
(3) Net tax-supported GO debt will be structured in a manner such that not less than 60% of the aggregate outstanding tax-supported debt will be retired within ten years.
(1984 Code, § 40.05) (Ord. O-07-19, passed 3-26-2019)