KRS 67.525: Sinking fund management.

The sinking fund shall be deposited in a depositary selected by the county buildings

commission. The deposit, where practicable, shall be continuously secured by a pledge to

the county buildings commission of direct obligations of the United States, exclus ive of

accrued interest, at all times at least equal to the balance on deposit in the account or in

some other manner acceptable to the purchasers or holders of the bonds. The securities

shall be deposited with the county buildings commission or held by a trustee or agent

satisfactory to such commission. The sinking fund may be invested in direct obligations

of the United States.