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58.070 Maintenance, operating and depreciation funds -- Rentals, rates and charges.

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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 <br>ordinance, set aside and pledge the income and revenue of the public project including <br>rents, royalties, fees and proceeds of sales of property and from rates and charges for <br>services derived from or rendered by the public project into a separate and special fund to <br>be used and applied in payment of the cost thereof and in the maintenance, operation and <br>depreciation thereof. The order, resolution or ordinance shall definitely fix and determine <br>the amount of revenue necessary to be set apart and applied to the payment of principal <br>and interest of the bonds, and the proportion of the balance of the income and revenue to <br>be set aside as a proper and adequate depreciation account, and the remaining proportion <br>of such balance shall be set aside for the reasonable and proper operation and <br>maintenance of the public project. The rents, royalties, fees, rates and charges for the <br>services or sale of the public project shall be fixed and revised from time to time so as to <br>be sufficient to provide for payment of interest upon all bonds and to create a sinking <br>fund to pay the principal thereof when due, and to provide for the operation and <br>maintenance of the public project and an adequate depreciation account. History: Created 1946 Ky. Acts ch. 126, sec. 7.