§ 40.05 LIMITATIONS ON LEVEL OF DEBT TO BE ISSUED AND OUTSTANDING.
   (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)