Find Legal Information

162.450 Payments into fund -- Replacement of expenditures -- Use of interest.

Download pdf

162.450 Payments into fund -- Replacement of expenditures -- Use of interest. The board of education of a city of the second class, or of a county containing a city of the <br>second class, may raise the maximum limit of the insurance fund from time to time as it <br>deems best. Until the amount in the fund equals the maximum limit, the board of <br>education shall each year, from the revenues under its control, set apart to the fund a sum <br>equal to from one-twentieth (1/20) to one-tenth (1/10) of the maximum limit of the sum. <br>When any portion of the fund is used, payments to restore the fund shall at once be begun <br>and be continued until the restoration is complete. When the fund is, for any reason, <br>below the maximum limit, the interest derived from the investment thereof shall be <br>accumulated and added to the fund; otherwise the interest may be transferred to the <br>general funds of the board. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 581, effective July 13, 1990. -- Amended 1944 Ky. Acts ch. 31, sec. 1. -- Recodified 1942 Ky. Acts <br>ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3219a-2.