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80.240 Application of receipts of city housing authority.

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80.240 Application of receipts of city housing authority. (1) The rents and other revenues of a city housing authority shall be applied: first to pay the interest and principal of the bonds issued under KRS 80.230 as payments <br>fall due; next, to pay the costs of maintaining, repairing, improving and operating its <br>developments; next, to create such reserve for depreciation as the housing authority <br>deems necessary and proper. The excess, if any, of the rents received during any <br>annual period may be applied to the prepayment of the obligations of the housing <br>authority or may be placed in a special fund for the purpose of paying the principal <br>and interest of the obligations as they become due. (2) Receipts of revenues of a city housing authority in excess of the amounts required to pay: <br>(a) The interest and principal on bonds issued under this chapter as payments fall due; (b) The cost of maintaining, repairing, improving and operating its projects; and <br>(c) Reserves for depreciation as the housing authority deems necessary and proper; may be applied to the engagement by the authority in activities for the maintenance <br>and enhancement of adequate housing stock for low-income and moderate-income <br>persons, as defined in this chapter. Effective: July 13, 1984 <br>History: Amended 1984 Ky. Acts ch. 226, sec. 7, effective July 13, 1984; and ch. 361, sec. 13, effective July 13, 1984. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, <br>effective October 1, 1942, from Ky. Stat. sec. 2741x-11. Legislative Research Commission Note. This section was amended by two 1984 acts which do not appear to be in conflict and have been compiled together.