103.270 Depreciation account.

149 words·~1 min read·/ky/chapter-103/103-270

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)If a surplus is accumulated in the operating and maintenance funds equal to the cost

of maintaining and operating the industrial building during the remainder of the

calendar, operating or fiscal year, and during the succeeding like year, any excess

over such amount may be transferred at any time by the city legislative body, or the

fiscal court of the county, as the case may be, to the depreciation account, to be used

for improvements, extensions or additions to the building.

(2)The funds accumulating to the depreciation account shall be expended in balancing

depreciation in the industrial building or in making new constructions, extensions or

additions thereto. Any such accumulations may be invested as the city legislative

body, or the fiscal court of the county, as the case may be, may designate, and if

invested the income from such investment shall be carried into the depreciation

account.