224A.110 Deposit of moneys -- Use of revenues.

206 words·~1 min read·/ky/chapter-224a/224a-110

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

(1)All moneys derived by the authority pursuant to assistance agreements other than

those assistance agreements funded under KRS 224A.111, 224A.112, and

224A.1121 shall be received by the authority as constituting authority revenues, and

shall, in common with other authority revenues, be immediately deposited into such

funds or accounts as the authority shall designate.

(2)Moneys derived by the authority pursuant to assistance agreements funded under

KRS 224A.111 and all federal and state money or proceeds from the sale of revenue

bonds of the authority received in support of assistance agreements funded under

KRS 224A.111 shall be deposited into an account designated as the "federally

assisted wastewater revolving fund."

(3)Moneys derived by the authority pursuant to assistance agreements funded under

KRS 224A.112 and all state money or proceeds from the sale of revenue bonds of

the authority received in support of KRS 224A.112 shall be deposited into either the

infrastructure revolving fund or the broadband deployment fund.

(4)All authority revenues shall, before being expended for any other purposes of the

authority, first be applied to the payment of the principal of and interest on authority

revenue bonds in accordance with the resolution authorizing their issuance, as, and

when the same become due and payable.