Kentucky legislative leaders agree to borrow $75 million for park system, economic development

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FRANKFORT, Ky. (AP) - Kentucky's legislative leaders have agreed to borrow $75 million to fix up the park system and bolster its efforts to attract businesses to the state.

House bill 268 would borrow $50 million for the park system and $25 million for economic development. It would cost taxpayers $3.1 million in payments next year, money that would come from the state's $130 million in reserves.

The House and Senate are scheduled to vote on the proposal by midnight on Thursday.

The deal comes one day after lawmakers voted to reduce revenue by $105 million a year to give a tax break to locally-owned banks and exempt some nonprofits from sales taxes. House lawmakers are also considering letting some entities leave the pension system while paying less than what they owe.

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