2013 Kentucky Revised Statutes CHAPTER 441 - JAILS AND COUNTY PRISONERS 441.685 Local Correctional Facilities Construction Authority fund -- Use of funds -- Investments.
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441.685 Local Correctional Facilities Construction Authority fund -- Use of
funds -- Investments.
(1)
(2)
There is created and established a Kentucky Local Correctional Facilities
Construction Authority fund which shall consist of the following:
(a) Rentals received under leases made by the authority pursuant to KRS
441.625 to 441.695;
(b) Appropriations by the General Assembly;
(c) Contributions, grants, and gifts from any source, both public and private,
which may be used by the authority for any project or projects;
(d) Disbursements provided under KRS 42.320(2)(b); and
(e) All interest earned on investments made by the state from moneys
deposited in this fund.
Moneys accruing to this fund shall be deposited by the State Treasurer in the
fund's trust and agency account, and shall be invested by the state for the
benefit and use of the authority, pending their application to the expenses of
the authority and to payments of interest and principal of bonds, notes, and
other obligations of the authority. Notwithstanding the provisions of the
foregoing sentence, at such time or times as the moneys contained in the fund
are sufficient to pay the principal on all bonds, notes, and obligations of the
authority that would become due in the next ensuing twelve (12) month period,
the authority may use moneys in the fund in excess thereof for such purposes
as provided for in KRS 441.625 to 441.695.
Effective:August 1, 2002
History: Amended 2002 Ky. Acts ch. 183, sec. 28, effective August 1, 2002. -Created 1982 Ky. Acts ch. 235, sec. 17, effective July 15, 1982.
2012-2014 Budget Reference. See State/Executive Branch Budget, 2012 Ky. Acts
ch. 144, Pt. I, H, 5, c, (2) at 1130.
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