KRS § 42.409 — KY Code / Title VI / Chapter 42 / Section 42.409
42.409 Definitions for KRS 42.410 and 45.760
Status: in_force

42.409 Definitions for KRS 42.410 and 45.760.

As used in KRS 42.410 and 45.760, unless the context requires otherwise:

(1) "State total personal income" means the measure of all income received by or on

behalf of persons in the Commonwealth, as most recently published in the Survey

of Current Business by the United States Department of Commerce, Bureau of

Economic Analysis.

(2) "Estimated state total personal income" means the personal income figure used by

the Governor's Office for Economic Analysis to generate final detailed revenue

estimates.

(3) "Total revenues" means revenues credited to the general fund and the road fund

consistent with the provisions of KRS 48.120, as well as any restricted agency fund

account from which debt service is expended.

(4) "Anticipated total revenues" means the official revenue estimates, as provided for in

KRS 48.120, projected for the general fund and the road fund, as well as any

restricted agency fund account from which debt service is expended.

(5) "Available revenues" means revenues credited to the general fund and the road fund

consistent with the provisions of KRS 48.120, as well as any restricted agency fund

account from which debt service is expended, minus any statutorily dedicated

receipts of the respective funds.

(6) "Anticipated available revenues" means official revenue estimates, as provided for

in KRS 48.120, projected for the general fund and the road fund, as well as any

restricted agency fund account from which debt service is expended, minus any

statutorily dedicated receipts of the respective funds.

(7) "Total assessed value of property" means state total net assessed value of property

for taxes due, as obtained from the Department of Revenue.

(8) "Per capita" means per unit of population, where population figures are the most

recent available from the University of Louisville, Kentucky State Data Center.

(9) "Appropriation-supported debt service" means the amount of an appropriation

identified to be expended for debt service purposes in the executive budget

recommendation, and the amount of an appropriation expended for debt services in

a completed fiscal year.

(10) "Appropriation-supported debt" means the outstanding principal of bonds issued by

all state agencies and all individuals, agencies, authorities, boards, cabinets,

commissions, corporations, or other entities of, or representing the Commonwealth

with the authority to issue bonds, and for which debt service is appropriated by the

General Assembly.

(11) "Nonappropriation-supported debt" means the outstanding principal of bonds issued

by all state agencies and all individuals, agencies, authorities, boards, cabinets,

commissions, corporations, or other entities of, or representing the Commonwealth

with the authority to issue bonds, and for which debt service is not appropriated by

the General Assembly.

(12) "Statutorily dedicated receipts" means revenues credited to the general fund and

road fund consistent with the provisions of KRS 48.120, as well as any restricted

agency fund account, which are required by an enacted statute to be used for a

specific purpose. Statutorily dedicated receipts include, but are not limited to, the

following:

(a) Receipts credited to the general fund which are subject to KRS 42.450 to

42.495, KRS 278.130 to 278.150, or KRS 350.139;

(b) Receipts credited to the road fund which are subject to KRS 175.505, KRS

177.320, KRS 177.365 to 177.369, KRS 177.9771 to 177.979, KRS 186.531,

or KRS 186.535; and

(c) Receipts credited to a restricted agency fund account in accordance with any

applicable statute.

(13) "True interest cost" means the bond yield according to issue price without a

reduction for related administrative costs, and is the same figure as the arbitrage

yield calculation described in the United States Tax Reform Act of 1986.