96.730 Payment of preliminary expenses.

174 words·~1 min read·/ky/chapter-96/96-730

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

(1)All expenses incurred by the board or the governing body of any municipality in the

making of surveys, estimates of cost and of revenues, employment of engineers,

attorneys, or other employees, the giving of notices, taking of options, selling of

bonds, and all other preliminary expenses of whatever nature which such board or

governing body deems necessary in connection with or precedent to the acquisition

or improvement of any electric plant and which it deems necessary to be paid prior

to the issuance and delivery of the bonds issued pursuant to the provisions of KRS

96.550 to 96.900, may be met and paid out of the general fund of said municipality

not otherwise appropriated, or from any other available fund.

(2)All such payments from the general or other funds of the municipality shall be

considered as temporary loans and shall be repaid immediately upon sale and

delivery of the bonds, and claim for such repayment shall have priority over all

other claims against the proceeds derived from the sale of such bonds.