(1) Except as otherwise provided in KRS 157.440, 160.470(1), and 160.476(4), the ad valorem tax levy for school purposes, other than sinking fund purposes, in eac h school district, shall be not more than one dollar and fifty cents ($1.50) annually on each one hundred dollars ($100) of property subject to local taxation. (2) All existing subdistrict school tax levies, except those required to retire voted bonds, are hereby abolished.
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