KRS 162.450: Payments into fund -- Replacement of expenditures -- Use of interest.

The board of education authorized to establish an insurance fund pursuant to KRS

162.440 may raise the maximum limit of the insurance fund from time to time as it deems

best. Until the amount in the fund equals the maximum limit, the board of education sha ll

each year, from the revenues under its control, set apart to the fund a sum equal to from

one-twentieth (1/20) to one -tenth (1/10) of the maximum limit of the sum. When any

portion of the fund is used, payments to restore the fund shall at once be begun and be

continued until the restoration is complete. When the fund is, for any reason, below the

maximum limit, the interest derived from the investment thereof shall be accumulated

and added to the fund; otherwise the interest may be transferred to the ge neral funds of

the board.