Find Legal Information

162.230 Rent -- Disposition to be fixed by ordinance.

Download pdf

162.230 Rent -- Disposition to be fixed by ordinance. At or before the issuance of the bonds, the governing body of the city shall, by ordinance, <br>set aside and pledge the income of the building into a special fund to be used and applied <br>in payment of the cost and maintenance of the building. The ordinance shall definitely fix <br>the amount of revenue necessary to be set aside and applied for the payment of the <br>principal and interest of the bonds. The balance of the income shall be set aside for the <br>reasonable and proper maintenance of the building, including a sufficient sum to pay the <br>cost of insurance. The city governing body may provide by ordinance any provision and <br>stipulation it deems necessary for the administration of the income for the security of the <br>bondholders. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 565, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, <br>from Ky. Stat. secs. 4421-13, 4421-17.