KRS 67.505: Use of bond revenue -- Lien created.

All money received from any bonds issued pursuant to the provisions of KRS 67.450 to

67.550 shall be used solely for the establishment, remodeling, erection or improvement of

the building and necessary appurtenances, except that the money may be used also to

advance the payment of the interest on bonds during the first three (3) years following the

date of the bonds. There shall be a statutory mortgage lien upon the buildings and

appurtenances in favor of the holder of the bonds and coupons.