KRS 165.100: Purposes for which proceeds may be used.

The money derived from the bonds issued under authority of KRS 165.080 shall be used

to meet the needs of the university. The authorized use includes the payment for real

estate and buildings purchased or to be purchased, the erection and alteration of

improvements, and the securing of proper equipment, but does not include the payment of

salaries or operating expenses or the payment of any existing indebtedness incurred as an

operating expense.