BRADENTON, Fla. — Kentucky ended its annual legislative session Thursday night without passing a budget for the biennium, which begins July 1. The state is facing a $1.5 billion shortfall over the next two years.

With no budget, Kentucky postponed the sale of $250 million of new-money bonds and an $81 million restructuring for the Kentucky Turnpike Authority scheduled to price this week, Tom Howard, executive director of the Office of Financial Management, said Friday.

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