KRS 97.720: Fiscal year -- Annual financial statement -- Improvement and replacement

fund -- Compliance with KRS 65A.010 to 65A.090.

(1) The fiscal year of the commission shall be the same as that of the city. The

commission shall, each May, prepare and certify to the mayor, to be by him

transmitted to the legislative body, a statement showing the total funds that, in the

judgment of the commission, will be needed for maintaining the memorial for the

ensuing fiscal year; setting forth in detail the sums needed for the different classes

of expenditure; setting forth the estimated balance that will be on hand on the first

of July following the certification of the statement and available for expenditure

during the ensuing fiscal year for maintenance purposes; and indicating, as nearly as

possible, what additional assets other than those derived from the city appropriation

will become available for maintenance purposes for the ensuing fiscal year.

(2) The legislative body, in making the appropriation or levy of the tax for maintenance

purposes, shall take into consideration the amount of funds held or derived by the

commission from donations for maintenance purposes. The commission may set

aside and retain from year to year, out of the maintenance funds derived by gift o r

appropriation, a reasonable fund to be known as an "improvement and replacement

fund," to cover needed improvements, replacements and equipment for, and

depreciation of, the memorial. The funds shall be placed at interest in a bank of the

city, with the mayor's approval, or invested in United States government interest -

bearing bonds, or bonds of the city or any of its instrumentalities. The amount set

aside each year for such purposes shall be made with the approval of the mayor, and

shall be held and use d as occasion requires as a further memorial building and

improvement fund to improve and further equip the memorial, and for replacement

purposes if the memorial or any portion of it is destroyed by casualty or decay. The

cost of ordinary repairs shall be paid for out of maintenance funds.

(3) The commission shall comply with the provisions of KRS 65A.010 to 65A.090.