KRS 97.760: Procedure in sale of bonds -- Disposition of proceeds.

Bonds issued pursuant to Chapter 23 of the Acts of 1922 shall be placed under the control

of the commission, which shall determine when, and at what price and how they shall be

sold. Any premium obtained from the sale of the bonds shall constitute a part o f the

sinking fund for their ultimate retirement. As the bonds are sold, their proceeds shall go

to the credit of the commission in the same depositories that are selected for the deposit

of the funds held by the commissioners of the sinking fund of the ci ty, upon like

agreements as to interest. The proceeds of the bonds shall be withdrawn only upon the

checks of the secretary and treasurer of the commission, countersigned in a manner and

accompanied by a voucher as may be prescribed by administrative regul ations

promulgated by the commission.