2014 Kentucky Revised Statutes CHAPTER 177 - STATE AND FEDERAL HIGHWAYS -- LIMITED ACCESS FACILITIES -- TURNPIKES -- ROAD BONDS -- BILLBOARDS -- RECYCLERS 177.720 Bonds for park purposes and bonds for highways, bridges and tunnels to be designated distinguishably -- Separation of proceeds.
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177.720 Bonds for park purposes and bonds for highways, bridges and
tunnels to be designated distinguishably -- Separation of proceeds.
(1)
(2)
(3)
Bonds of the ten million dollars ($10,000,000) authorized for state park
purposes, and bonds of the ninety million dollars ($90,000,000) authorized for
highways, bridges and tunnels shall be given separate and distinguishable
designations by resolution of the commission prior to the issuance of any of the
1960 bonds; and in all proceedings relating to authorization, sale and delivery
the identity of the bonds shall be manifest; provided, however, the commission
may in its discretion, at one (1) time or from time to time, offer for sale, upon
the same occasion, all or any part of both of the separately designated blocks
of bonds.
The proceeds of bonds issued for park purposes shall be segregated by the
commission from all other moneys and funds and shall constitute the "State
Park Acquisition and Improvement Fund," hereby created; and expenditures
therefrom shall be made upon order of the commissioner of parks subject to
financial and budgetary procedures as may be provided by law only for costs of
establishing, developing and improving state parks, and developing and
improving existing state parks, and upon order of the commission for defraying
expenses incident to the issuance of bonds. Pending expenditure, such
proceeds shall be deposited in one or more financial institutions, and each
institution shall give security by making a valid pledge to the Commonwealth of
United States government securities approved by the commission and having
an aggregate market value at all times at least equal to the current balance of
the deposit; provided, however, the commission may, in its discretion, cause all
or any part of the moneys in the said "state park acquisition and improvement
fund" to be invested and from time to time reinvested in United States
government securities, and income received from such investments shall be
retained in said fund and may be invested and reinvested in like manner.
Securities held for the account of said fund shall be converted into cash, upon
order of the commission, and disbursed and expended whenever required for
the designated purposes of the fund.
The proceeds of bonds issued for highways, bridges and tunnels shall be
segregated by the commission from all other moneys and funds and shall
constitute the "State Highway Construction Fund of 1960," hereby created; and
expenditures therefrom shall be made upon order of the commissioner of
highways of the Commonwealth for construction of highways, bridges and
tunnels wherein there is to be federal cost participation; and by the commission
for defraying expenses incident to the issuance of bonds. Pending expenditure,
such proceeds may be deposited, secured, invested, reinvested and converted
into cash in the same manner as is provided in subsection (2) with reference to
the proceeds of the bonds issued for park purposes.
Effective:June 16, 1960
History: Created 1960 Ky. Acts ch. 106, sec. 4, effective June 16, 1960.
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