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Court advances first reading of lease-financing resolution to support county projects
Summary
The court approved a first reading of an interlocal corporation agreement and lease-financing resolution to borrow funds for county projects; counsel explained the general-obligation pledge could require levy adjustments if lease payments are unpaid; hearings and publication were scheduled.
Carroll County Fiscal Court held a first reading on a resolution to enter into an interlocal corporation agreement and lease-financing package intended to provide financing for county projects.
County counsel summarized the agreement, telling the court the public agency "furtherifies the terms" and that entering into the obligations is "in the best interest of the public agencies and in the furtherance of the public purposes and functions of the public agency." The staff read statutory language and cited Section "65 1 2 60" of Kentucky statutes as part of the discussion on legal requirements for such agreements.
At least one commissioner asked whether the arrangement would require raising taxes. Counsel explained that the general-obligation pledge is a backstop: "should you not pay a lease payment, then you're obligated to raise the tax in order to pay it." The court moved the resolution forward for first reading, scheduled required hearings (noted to be held November 25) and directed staff to publish notice as required by statute.
Next steps: The court set required public hearings and publication to comply with statute before final consideration.
