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162.240 Deposit and investment of sinking fund.

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162.240 Deposit and investment of sinking fund. The sinking fund shall be deposited in a depository selected by the governing body of the <br>city. The deposit, where practicable, shall be continuously secured by a pledge to the city <br>of direct obligations of the United States, exclusive of accrued interest, at all times at <br>least equal to the balance on deposit in the account, or in some other manner acceptable <br>to the purchasers or holders of the bonds. The securities shall be deposited with the city or <br>held by a trustee or agent satisfactory to the governing body of the city. The sinking fund <br>may be invested in direct obligations of the United States. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 566, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, <br>from Ky. Stat. sec. 4421-17.