2011 Kentucky Revised Statutes CHAPTER 58 ACQUISITION AND DEVELOPMENT OF PUBLIC PROJECTS THROUGH REVENUE BONDS 58.070 Maintenance, operating and depreciation funds -- Rentals, rates and charges.
KY Rev Stat § 58.070 (1996 through Reg Sess) What's This?
58.070 Maintenance, operating and depreciation funds -- Rentals, rates and
charges.
At or before the issuance of bonds the governmental agency shall, by order, resolution or
ordinance, set aside and pledge the income and revenue of the public project including
rents, royalties, fees and proceeds of sales of property and from rates and charges for
services derived from or rendered by the public project into a separate and special fund to
be used and applied in payment of the cost thereof and in the maintenance, operation and
depreciation thereof. The order, resolution or ordinance shall definitely fix and determine
the amount of revenue necessary to be set apart and applied to the payment of principal
and interest of the bonds, and the proportion of the balance of the income and revenue to
be set aside as a proper and adequate depreciation account, and the remaining proportion
of such balance shall be set aside for the reasonable and proper operation and
maintenance of the public project. The rents, royalties, fees, rates and charges for the
services or sale of the public project shall be fixed and revised from time to time so as to
be sufficient to provide for payment of interest upon all bonds and to create a sinking
fund to pay the principal thereof when due, and to provide for the operation and
maintenance of the public project and an adequate depreciation account.
History: Created 1946 Ky. Acts ch. 126, sec. 7.
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