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67.505 Use of bond revenue -- Lien created.

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67.505 Use of bond revenue -- Lien created. All money received from any bonds issued pursuant to the provisions of KRS 67.450 to <br>67.550 shall be used solely for the establishment, remodeling, erection or improvement of <br>the building and necessary appurtenances, except that the money may be used also to <br>advance the payment of the interest on bonds during the first three (3) years following the <br>date of the bonds. There shall be a statutory mortgage lien upon the buildings and <br>appurtenances in favor of the holder of the bonds and coupons. History: Created 1962 Ky. Acts ch. 224, sec. 12.