{"data":{"id":"us-ky/krs-103.260","jurisdiction":"us-ky","citation":"KRS 103.260","heading":"Application of revenue -- Charges for use.","body":"(1) At or before the issuance of bonds the city legislative body or the fiscal court of the\ncounty, as the case may be, shall, by ordinance or resolution, set aside and pledge\nthe income and revenue of the industrial building into a separate and special fund t o\nbe used and applied in payment of the cost thereof and in the maintenance,\noperation and depreciation thereof. The ordinance or resolution shall definitely fix\nand determine the amount of revenue necessary to be set apart and applied to the\npayment of pr incipal and interest of the bonds, and the proportion (if any) of the\nbalance of the income and revenue to be set aside as a proper and adequate\ndepreciation account, and the remaining proportion of such balance shall be set\naside for the reasonable and pr oper operation and maintenance of the industrial\nbuilding.\n(2) The rents to be charged for the use of the building shall be fixed and revised from\ntime to time so as to be sufficient to provide for payment of interest upon all bonds\nand to create a sinking  fund to pay the principal thereof when due, and to provide\nfor the operation and maintenance of the building and an adequate depreciation\naccount, if any depreciation account has been established.","path":["KRS Chapter 103"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=27012","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:07Z","sha256":"e000ee9a97b6a031a0cf9272a9e9a48a15fa8b5f3073e4de1f600bb275991d8d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-103.251","next":"us-ky/krs-103.270"},"notice":"GroundRules: Original legal text. Not legal advice."}