Statutes > Kentucky Statutes > CHAPTER 162 SCHOOL PROPERTY AND BUILDINGS > 162.200 Use of funds -- Lien on building.

162.200 Use of funds -- Lien on building.

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162.200 Use of funds -- Lien on building. All money received from any bonds issued pursuant to KRS 162.170 shall be used solely <br>for the establishment or erection of the school building and necessary appurtenances, <br>except that the money may be used also to advance the payment of the interest on bonds <br>during the first three (3) years following the date of the bonds. There shall be a statutory <br>mortgage lien upon the school building and appurtenances in favor of the holders of the <br>bonds and coupons. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 562, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, <br>from Ky. Stat. sec. 4421-9.