162.200 Use of funds -- Lien on building.
79 words·~1 min read·
/ky/chapter-162/162-200A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All money received from any bonds issued pursuant to KRS 162.170 shall be used solely for the establishment or erection of the school building and necessary appurtenances, except that the money may be used also to advance the payment of the interest on bonds during the first three
(3)years following the date of the bonds. There shall be a statutory mortgage lien upon the school building and appurtenances in favor of the holders of the bonds and coupons.