KRS 162.200: Use of funds -- Lien on building.

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 bon ds

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.