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97.200 Funds for payment of bonds, maintenance and depreciation.

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97.200 Funds for payment of bonds, maintenance and depreciation. At or before the issuance of bonds the legislative body of the city shall, by ordinance, set <br>aside and pledge the revenue of the project into a special fund to be used and applied in <br>payment of the cost of the project and its maintenance, operation and depreciation. The <br>ordinance shall definitely fix the amount of revenue necessary to be set aside and applied <br>to the payment of the principal and interest of the bonds, and the portion of the balance of <br>the revenue to be set aside as a proper and adequate depreciation account, and the <br>remaining portion of the balance shall be set aside for the reasonable and proper operation <br>and maintenance of the project. The fees to be charged for the use of or admission to the <br>project shall be fixed and revised from time to time so as to be sufficient to provide for <br>the payment of interest upon all bonds and to create a sinking fund to pay the principal <br>when it becomes due, and to provide for operation and maintenance and an adequate <br>depreciation account. If any surplus is accumulated in the operating and maintenance fund <br>equal to the cost of maintaining and operating the project during the remainder of the <br>calendar or fiscal year, the commission may at any time transfer the excess to the <br>depreciation account to be used for any improvements or additions to the project. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2741p-21.