KRS 267.250: Payment for work in installments -- Warrants.

The chief engineer in charge of construction shall make monthly estimates of the amount

of work done, and furnish one (1) copy to the contractor and file the other with the

secretary of the board. The board shall meet within five (5) days after the filing of such

estimate, and if it approves the estimate it shall direct the secretary to draw a warrant in

favor of the contractor for eighty percent (80%) of the work done, according to the

specifications and contract. When the warrant, properly signed by the p resident and

secretary, is presented to the treasurer of the drainage fund, he shall pay the amount due

thereon out of any funds in his hands to the credit of that district. When the work is fully

completed and accepted by the chief engineer, he shall make an estimate for the whole

amount due, which shall then be paid from the drainage fund on warrants as above

provided. If there are insufficient funds in the treasury to pay any warrant presented for

payment, that fact shall be endorsed on the back of the w arrant and the warrant shall

thereafter draw interest at the rate of six percent (6%) per annum until there is money on

hand sufficient to pay the warrant and accumulated interest.