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96.400 Application of proceeds of bonds -- Lien.

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96.400 Application of proceeds of bonds -- Lien. All moneys received from the bonds shall be applied solely for the purchase, <br>establishment or erection of the waterworks and extensions and appurtenances thereto, or <br>to advance the payment of the interest on the bonds during the first three (3) years <br>following the date of the bonds. A statutory mortgage lien shall exist upon the <br>waterworks and appurtenances and extensions so acquired in favor of the holders of the <br>bonds and coupons. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 2741L-6, 2741L-28.