KRS 103.260: Application of revenue -- Charges for use.

(1) At or before the issuance of bonds the city legislative body or the fiscal court of the

county, as the case may be, shall, by ordinance or resolution, set aside and pledge

the income and revenue of the industrial building into a separate and special fund t o

be used and applied in payment of the cost thereof and in the maintenance,

operation and depreciation thereof. The ordinance or resolution shall definitely fix

and determine the amount of revenue necessary to be set apart and applied to the

payment of pr incipal and interest of the bonds, and the proportion (if any) of the

balance of the income and revenue to be set aside as a proper and adequate

depreciation account, and the remaining proportion of such balance shall be set

aside for the reasonable and pr oper operation and maintenance of the industrial

building.

(2) The rents to be charged for the use of the building shall be fixed and revised from

time to time so as to be sufficient to provide for payment of interest upon all bonds

and to create a sinking fund to pay the principal thereof when due, and to provide

for the operation and maintenance of the building and an adequate depreciation

account, if any depreciation account has been established.