KY Legislature Borrows Some Money

The Kentucky legislature agreed Thursday to borrow more money, wrapping up a legislative session that ensures the cash-strapped state will have at least $108 million less per year to spend in the coming decades.Lawmakers approved a plan to borrow $50 million to fix up the state park system and another $25 million to bolster its efforts to woo companies to come to Kentucky.Including interest, taxpayers will likely pay double those amounts over the next few decades as they pay off the bonds. Payments in the first year will cost about $3.1 million. The Senate approved the bill by a vote of 36-0 on Thursday afternoon. The House approved it by a vote of 76-20. The bill now heads to Gov. Matt Bevin’s desk. He has 10 days – excluding Sundays – to sign it, veto it or let it become law without his signature.

Source: MG News

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