The word of the day in Frankfort has been "austere." That refers, of course, to the adjective most commonly used to describe the $19 billion dollar state spending plan passed last night. Just curious, I've looked all day for mention of the level of bonded indebtedness in this bill.
Haven't seen it in the media anywhere.
Bonded indebtedness is the amount that we expect to overshoot the mark of incoming revenues, but plan to go ahead and spend the money we don't have anyway, our constitutional prohibition of such activity "notwithstanding," as they say in the biz.
Got that?
Anyway, the bonded indebtedness we just agreed to heap on ourselves over the next two years is $1.2 billion. Thank your kids.
6:48 Update: Read Section 49 and 50 of the Kentucky Constitution for more on borrowing.
