Chamber-supported bill to cap Kentucky’s debt ceiling clears Senate

Legislation that would cap the Commonwealth’s debt supported by General Fund appropriations was approved by the Senate Wednesday by a 34-2 vote. SB 1, sponsored by Sen. Bowen and Sen. Thayer, implements a key recommendation of the Chamber’s 2011 Building a Stronger Bucket report by prohibiting the legislature from appropriating more than 6 percent of General Fund appropriated revenues to bonded indebtedness.  That percentage is a generally accepted industry standard used by bond rating agencies and is essential for Kentucky to get its financial house in order. We urge you to contact Sen. Bowen and Sen. Thayer and thank them for their leadership on this issue.