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67A.800 Segregation of proceeds from assessment -- Sinking fund.

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67A.800 Segregation of proceeds from assessment -- Sinking fund. The proceeds received by the urban-county government from each and every annual <br>improvement assessment levy made in connection with each separate improvement <br>project, as authorized by KRS 67A.710 to 67A.825, shall be segregated from and kept <br>always separate and apart from all other receipts of the urban-county government from <br>any and all other sources, and shall be deposited in a separate and special account in a <br>financial institution in an account so specially designated by number or other designation <br>as to identify the same in such manner as to distinguish the receipts and deposits from <br>each such project from the receipts and deposits from every other such project, and from <br>any and every other account or fund of the urban-county government. The same shall <br>constitute the &quot;sinking fund&quot; referred to in KRS 67A.710 to 67A.825. The funds shall be <br>deposited in an interest-bearing account, at the rate of interest prevailing at the time of <br>such deposit. When the bonds become due, funds shall be transferred to the account from <br>which the bonds shall be paid. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 19, effective June 21, 1974.