2014 Kentucky Revised Statutes CHAPTER 216 - HEALTH FACILITIES AND SERVICES 216.845 Kentucky Health and Geriatric Authority revenue bond guarantee fund -- How made up -- Use of -- Payments on default.
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216.845 Kentucky Health and Geriatric Authority revenue bond guarantee
fund -- How made up -- Use of -- Payments on default.
(1)
(2)
There is hereby created a Kentucky Health and Geriatric Authority revenue
bond guarantee fund which shall be deposited in the State Treasury and which
shall consist of the following:
(a) Appropriations made by the General Assembly;
(b) Proceeds of an annual charge not to exceed five percent (5%) of the
annual rental to be paid by the lessee of any project of the authority which
charge shall be an insurance premium for the bond guarantee created
hereby;
(c) Gifts, contributions or other sums designated for the use of said bond
guarantee fund which may be made to the authority.
The moneys contained in the bond guarantee fund shall be invested as the
authority may direct and shall be used only to insure the payment of all bonds,
notes or other obligations of the authority as to principal and interest. At such
times as the moneys contained in the bond guarantee fund are sufficient to pay
the principal and interest on all bonds of the authority, which would become
due in the next ensuing two (2) years, the authority need not collect premiums,
or accept gifts or accumulate moneys beyond such demand and any surplus
moneys shall be credited to the general fund of the Commonwealth. In the
event of the default or threat of default on the payment of principal of or interest
on any of the bonds of the authority, the authority shall pay over such sums
contained in the bond guarantee fund as are necessary to pay the principal of
and interest on such bonds as are in default or threat of default to the extent of
the bond guarantee fund. The authority shall establish such rules and
regulations as are necessary to further implement the bond guarantee fund as
are not inconsistent with KRS 216.800 to 216.853.
Effective:June 13, 1968
History: Created 1968 Ky. Acts ch. 132, sec. 19, effective June 13, 1968.
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