Kentucky now has two state debt limit bills setting a debt ceiling below its current level and requiring a four-fifths vote of both chambers of the General Assembly to raise it, and only then after an emergency declaration by the Governor.
Rep. Mike Harmon's HB 108 would require the limit of appropriation-supported debt service to be set at 5% of General Fund revenues. Senator Joe Bowen's SB 56 is essentially the same bill except that it sets the limit at 6%.
Given the choice, 5% is better. Both bills would put the question of a state debt ceiling on the November ballot to let the people decide. Please share this post with your networks and let your representatives know where you stand on limiting Kentucky's state debt.
