2011 Kentucky Revised Statutes CHAPTER 58 ACQUISITION AND DEVELOPMENT OF PUBLIC PROJECTS THROUGH REVENUE BONDS 58.050 Application of proceeds of bonds -- Supplementation by contributions of issuing agency.
KY Rev Stat § 58.050 (1996 through Reg Sess) What's This?
58.050 Application of proceeds of bonds -- Supplementation by contributions of
issuing agency.
All money received from the bonds shall be applied solely for the acquisition,
construction, maintenance or improvement of the public project, and the necessary
expense of preparing, printing and selling said bonds, or to advance the payment of the
interest on the bonds during the first three (3) years following the date of the bonds, or to
provide an initial debt service reserve; and the proceeds of such bonds may be
supplemented by contributions from the issuing governmental agency or from any other
source toward the cost of construction of the project or toward the creation of a debt
service reserve for the protection and benefit of the bondholders, or for any other purpose
related to the financing of the acquisition and construction of such public project; and it
may be further provided that any contribution made for the purpose of assisting in the
initial establishment of a debt service reserve for the benefit and protection of the
bondholders may be returned or reimbursed to the contributor thereof whenever other
equivalent funds have been provided from the revenues of said project or from any other
source toward the establishment of such debt service reserve.
History: Amended 1968 Ky. Acts ch. 154, sec. 4. -- Created 1946 Ky. Acts ch. 126,
sec. 5.
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