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58.050 Application of proceeds of bonds -- Supplementation by contributions of issuing agency.

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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, <br>construction, maintenance or improvement of the public project, and the necessary <br>expense of preparing, printing and selling said bonds, or to advance the payment of the <br>interest on the bonds during the first three (3) years following the date of the bonds, or to <br>provide an initial debt service reserve; and the proceeds of such bonds may be <br>supplemented by contributions from the issuing governmental agency or from any other <br>source toward the cost of construction of the project or toward the creation of a debt <br>service reserve for the protection and benefit of the bondholders, or for any other purpose <br>related to the financing of the acquisition and construction of such public project; and it <br>may be further provided that any contribution made for the purpose of assisting in the <br>initial establishment of a debt service reserve for the benefit and protection of the <br>bondholders may be returned or reimbursed to the contributor thereof whenever other <br>equivalent funds have been provided from the revenues of said project or from any other <br>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.