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97.770 Disposition of income after bonds are paid.

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97.770 Disposition of income after bonds are paid. After the bonds issued pursuant to Chapter 23 of the Acts of 1922 are fully paid, the <br>commission, with the mayor's approval, may annually set aside a portion of the income <br>derived from the operation of the memorial, and it shall be either deposited, at interest, in <br>banks or trust companies selected by the commission with the mayor's approval, or <br>invested by the commission, with the mayor's approval, in high-class interest-bearing <br>securities, and so held, to be used in either case for the purposes of improvement, <br>replacement or reconstruction of the memorial, or any portion thereof, as conditions may <br>require or render advisable. All such work shall be done by or under the supervision of <br>the commission. The remainder of the annual income, less such portion as may be <br>required or used for the maintenance of the memorial, shall be paid into the city treasury. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3037i-19.