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162.360 Revenues from building -- Determination and use.

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162.360 Revenues from building -- Determination and use. The governing body of a state educational institution erecting a building or buildings and <br>appurtenances under the provisions of KRS 162.340 shall, by resolution, provide that the <br>bonds shall be payable, solely from the revenues of such building or buildings, provided, <br>said governing body may in its discretion, by said resolution, also provide that the bonds <br>shall be payable from the revenues of any other building or buildings theretofore or as <br>may be thereafter erected and used, in connection with the institution for educational <br>purposes provided, further, any such provision for the payment of the bonds from the <br>revenues of such other building or buildings theretofore erected shall be subject to and in <br>all respects in full conformity and compliance with the rights of the holders of any bonds <br>or obligations payable from the revenues of such other building or buildings theretofore <br>issued by the governing body then outstanding. The resolution shall fix the initial <br>minimum rents, tolls, fees, and other charges to be imposed in connection with the <br>services furnished by the building or buildings to be erected and may also provide that the <br>governing body of the institution shall monthly as the service accrues pay from the <br>current funds of the institution or from student fees, or both, into the special fund <br>provided by KRS 162.230, as that section is made applicable by KRS 162.350, a <br>minimum amount representing the reasonable cost and value of any service rendered to <br>the educational institution by such building or buildings in furnishing any educational <br>facilities in the operation of the educational institution. The resolution shall fix the extent <br>of the pledge of revenues from such other building or buildings toward the payment of the <br>bonds and interest thereon and may specify the terms and conditions upon which <br>additional bonds may be thereafter issued and sold ranking on a parity with and payable <br>from the same source as the bonds authorized by such resolution, and such additional <br>parity bonds may thereafter be so issued and sold to pay all or any part of the cost of <br>building or buildings and appurtenances. The resolution shall definitely fix the minimum <br>amount of revenues necessary to be set apart on or before stated intervals and applied to <br>the payment of the principal and interest on the bonds and the balance of the income and <br>revenues shall be set aside as a proper operation and maintenance fund, including a <br>sufficient sum to pay the cost of insuring the building or buildings against loss or damage <br>by fire and windstorm or other calamity as may have been stipulated in the resolution or <br>resolutions authorizing the bonds. The charges for the services from the building or <br>buildings, together with the available revenues of any other building or buildings pledged <br>to the payment of said bonds and interest thereon, shall be sufficient at all times to <br>provide for the payment of such interest and to create a sinking fund to accomplish <br>retirement of such bonds at or before maturity, and to pay the current operation and <br>maintenance expenses of the building or buildings to the extent such expenses are not <br>otherwise provided. The charges shall be revised from time to time so as to produce these <br>amounts. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 577, effective July 13, 1990. -- Amended 1958 Ky. Acts ch. 147, sec. 2. -- Recodified 1942 Ky. Acts <br>ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4535m-8.