Statutes > Kentucky Statutes > CHAPTER 67A URBAN-COUNTY GOVERNMENT > 67A.805 Restriction on payments from sinking fund -- Debt service reserve.

67A.805 Restriction on payments from sinking fund -- Debt service reserve.

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67A.805 Restriction on payments from sinking fund -- Debt service reserve. All sums received and deposited in the sinking fund shall be held inviolate and applied by <br>the urban-county government solely for the payment of the principal of, and interest on, <br>the bonds issued for the financing of the identified improvement project. The amount <br>collected, and deposited in the sinking fund from the first improvement assessment levied <br>in connection with any project, in excess of maturing principal and interest of the bonds, <br>and for the purpose of creating a &quot;debt service reserve,&quot; shall be held in the sinking fund <br>for that purpose. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 394, sec. 20, effective June 21, 1974.