FRANKFORT, Ky. (AP) - A Senate proposal to set a statutory limit on the state's General Fund debt got a hearing before the House Appropriations and Revenue Committee, but the chairman said its passage is uncertain.
Republican Sen. Joe Bowen of Owensboro, the sponsor, said Tuesday the legislation would limit the General Fund's debt to 6 percent of General Fund revenue. It passed the Senate by a vote of 36-2.
Bowen said the debt was 6.3 percent when he started working on the bill but might now be as high as 7.1 percent.
The committee chairman, Democratic Rep. Rick Rand of Bedford, said afterward the bill can't proceed as it stands. One reason is there is no consensus on how the debt ratio is determined.
The bill is SB 1.