KRS 173.360: Annual appropriations, amounts -- Powers and duties of board as to funds.

(1) After the legislative body of a governmental unit has made provisions for library

service according to any of the methods set forth in KRS 173.310, the legislative

body shall appropriate money annually to furnish such service. In library regions it

shall not be less than three cents ($0.03), nor more than ten cents ($0.10) on each

one hundred dollars ($100) worth of property assessed for local taxation. In counties

containing a city of the first class it shall be not more than fifteen cents ($0.15) on

each one hundred dollars ($100) worth of property assessed for local taxation. In all

other governmental units it shall be not less than five cents ($0.05) nor more than

fifteen cents ($0.15) on each one hundred dollars ($100) worth of property assessed

for local taxation. In those instances where county library service has been

established on the initiative of the fiscal court and when an appropriation of less

than the minimum amount required by this subsection is proposed, the minimum

amount of support for county library service may be determined annually through a

mutual agreement of the county library board, the county fiscal court, and the state

Department for Libraries and Archives. This agreement shall be reflected in the

records of the legislative body of the governmental unit making the appropriation.

(2) All funds for the library shall be deposited monthly to the credit of the library board.

These funds shall not be used for any but library purposes. The treasurer of the

library board shall be requir ed to execute bond with good and sufficient surety

thereon for the faithful performance of his duties, the amount of the bond to be

fixed by the board. If the bond has a corporate surety the premium shall be paid

from the library fund. The board shall have exclusive control of expenditures,

subject to an examination of accounts as may be required by the legislative body,

and money shall be paid only upon vouchers approved by the board. The board shall

not make expenditures or incur indebtedness in any year in excess of the amount of

money appropriated and available for library purposes, except where a library board

is the owner of real estate not used for library purposes, in which case they may

borrow money secured solely by that property. Principal and int erest on

indebtedness on real estate owned by a library board not used for library purposes is

not chargeable to the library funds derived from taxation.