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67.525 Sinking fund management.

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67.525 Sinking fund management. The sinking fund shall be deposited in a depositary selected by the county buildings <br>commission. The deposit, where practicable, shall be continuously secured by a pledge to <br>the county buildings commission of direct obligations of the United States, exclusive of <br>accrued interest, at all times at least equal to the balance on deposit in the account or in <br>some other manner acceptable to the purchasers or holders of the bonds. The securities <br>shall be deposited with the county buildings commission or held by a trustee or agent <br>satisfactory to such commission. The sinking fund may be invested in direct obligations <br>of the United States. History: Created 1962 Ky. Acts ch. 224, sec. 16.