KRS 104.680: Depreciation fund -- Operation and maintenance fund.

The board of directors shall, by resolution, set aside from its annual tax revenue a proper

and adequate amount to be deposited into a depreciation fund, which fund shall be used

solely for replacing capital equipment, new construction, extensions or addit ions to the

flood control works. The remainder of its annual tax revenue shall be deposited into an

operation and maintenance fund to be used solely for operating and maintenance expenses

in connection with the flood control works. Money accumulated in the depreciation fund

may be invested by the board of directors in the manner authorized by statute for other

trust funds and the income from such investments shall be deposited into the depreciation

fund.