103.240 Use of proceeds of bonds.
142 words·~1 min read·
/ky/chapter-103/103-240A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All money received from the sale of the bonds shall be applied solely for:
(1)The acquisition of the industrial building and:
(a)Any utilities;
(b)Pollution control structures or equipment;
(c)Equipment or technologies employed to increase the energy efficiency of
manufacturing facilities; or
(d)Other equipment requisite to the use of these assets;
(2)The acquisition of pollution control facilities and the structures or equipment
requisite to the use thereof;
(3)The necessary expense of preparing, printing, and selling said bonds;
(4)The refunding of any issued and outstanding bonds whether matured or otherwise;
(5)Providing a debt service reserve fund or any other reserve funds, if necessary;
(6)To advance the payment of interest on the bonds during any portion of the first
three
(3)years following the date of the bonds; or
(7)To pay working capital expenditures.