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157.010 Elements of the school fund.

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157.010 Elements of the school fund. The school fund shall consist of the fund dedicated by the Constitution and laws of this <br>Commonwealth for the purpose of sustaining a system of common schools therein. The <br>annual resources of the fund shall consist of: <br>(1) The interest on the bond of the Commonwealth for one million three hundred twenty-seven thousand dollars (&#36;1,327,000) at the rate of six percent (6%) per <br>annum payable on the first day of January and July of each year. (2) The interest on the proceeds of fifty-two thousand dollars (&#36;52,000) formerly invested in Liberty Loan Bonds under authority of Chapter 6 of the Acts of 1920, <br>now invested by the Kentucky Board of Education. (3) The dividends from whatever remains of the original investment of seventy-three thousand five hundred dollars (&#36;73,500) in the capital stock of the Bank of <br>Kentucky. (4) The interest on the bond of the Commonwealth for three hundred eighty-one thousand nine hundred eighty-six dollars and eight cents (&#36;381,986.08) due the <br>several counties and remaining a perpetual obligation against the Commonwealth <br>for the benefit of the respective counties, at the rate of six percent (6%) per annum <br>payable annually on the first day of July to the counties entitled to it and in the <br>proportion to which they are entitled, to be used exclusively in aid of common <br>schools. (5) The interest at six percent (6%) per annum, payable on the first day of January and July each year, on six hundred six thousand six hundred forty-one dollars and three <br>cents (&#36;606,641.03) received from the United States under an act approved March <br>2, 1891, for which the Commonwealth has executed bond pursuant to Chapter 6 of <br>the Acts of 1892. (6) Such sums as are appropriated by the General Assembly in aid of the common schools. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 362, sec. 6, effective July 15, 1996. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 376, effective July 13, 1990. -- <br>Amended 1978 Ky. Acts ch. 155, sec. 82, effective June 17, 1978. -- Recodified <br>1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4370-<br>1, 4370-2.