Kentucky legislative leaders agree to borrow $75 million

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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.

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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.