2006 Kentucky Revised Statutes - .020   Appropriation of tax receipts.

139.020 Appropriation of tax receipts. Any and all amounts derived from the levy and collection of the taxes levied by this chapter shall be appropriated and used as follows: (1)  Upon issuance and sale from time to time of bonds providing funds for purposes of paying the bonus to veterans as proposed by the General Assembly under KRS 40.005, and ratified by the electorate on November 3, 1959, there shall first be set aside out of each month's receipts such proportionate part of the next maturing principal of, and interest on, all such bonds as may then be outstanding as will provide for the payment of principal and interest when due. (2)  Monthly receipts in excess of the amounts necessary to make such provisions for the payment of the principal of and interest on all such outstanding bonds shall to the extent of such excess be credited to the general fund. History: Amended 1968 Ky. Acts ch. 40, Part I, sec. 1. -- Created 1960 Ky. Acts ch. 5, Art. I, sec. 1, and Art. II, sec. 1.