{"data":{"id":"us-ky/krs-107.110","jurisdiction":"us-ky","citation":"KRS 107.110","heading":"Proceeds from sale of bonds to be deposited -- Security -- Disbursement.","body":"When the bonds are delivered and the proceeds are received by the city, the same shall be\ndeposited in a bank or trust company, or combined bank and trust company, together with\nthe proceeds of all payments received from benefited property owners on a lump -sum\nbasis, and to the extent such deposit may exceed insurance provided by Federal Deposit\nInsurance Corporation, (if the depository be a member thereof, otherwise the full\namount), the same shall be secured by a valid pledge of bonds or notes of the Unit ed\nStates government, or fully guaranteed thereby, having at all times a market value equal\nto the undisbursed balance of such deposit; or shall be secured in such other manner as\nthe governing body may prescribe or approve. Costs of the project which may then be\nearned and payable, may be paid forthwith. There shall be set aside into the sinking fund,\nhereinafter created, a sum from bond proceeds equal to all interest which will accrue on\nsaid bonds until the date when the first improvement assessment levi ed in connection\ntherewith will become due and payable. The remainder may be disbursed from time to\ntime in payment of costs of the project, as herein defined, except that payments on\naccount of the construction contracts shall not exceed ninety percent (90%) of the amount\nshown by a written certificate of the engineer to have been earned for materials furnished\nand/or labor performed by any contractor, the retained ten percent (10%) to be disbursed\nonly upon final acceptance of the finished work of such co ntractor. If, after completion,\nacceptance and payment of the work of all contractors, and the payment of all costs of the\nimprovement project, as herein defined, there shall remain an unexpended balance of\nbond proceeds, such balance shall be transferred to the sinking fund created and\nmaintained in connection with the project, as provided in this chapter. If, after\ncompletion, there remains any unexpended balance of lump -sum payments, it shall be\nreturned, pro rata, to the payors.","path":["KRS Chapter 107"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=27164","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:09Z","sha256":"ade56bbce246a78fa96f7ca6211709d0e12cd3e09785d203d1654adf677e3d22","source_id":"us-ky","stale":false,"prev":"us-ky/krs-107.100","next":"us-ky/krs-107.120"},"notice":"GroundRules: Original legal text. Not legal advice."}