{"data":{"id":"us-ky/krs-162.360","jurisdiction":"us-ky","citation":"KRS 162.360","heading":"Revenues from building -- Determination and use.","body":"The governing body of a state educational institution erecting a building or buildings and\nappurtenances under the provisions of KRS 162.340 shall, by resolution, provide that the\nbonds shall be payable, solely from the revenues of such building or buildin gs, provided,\nsaid governing body may in its discretion, by said resolution, also provide that the bonds\nshall be payable from the revenues of any other building or buildings theretofore or as\nmay be thereafter erected and used, in connection with the inst itution for educational\npurposes provided, further, any such provision for the payment of the bonds from the\nrevenues of such other building or buildings theretofore erected shall be subject to and in\nall respects in full conformity and compliance with the  rights of the holders of any bonds\nor obligations payable from the revenues of such other building or buildings theretofore\nissued by the governing body then outstanding. The resolution shall fix the initial\nminimum rents, tolls, fees, and other charges t o be imposed in connection with the\nservices furnished by the building or buildings to be erected and may also provide that the\ngoverning body of the institution shall monthly as the service accrues pay from the\ncurrent funds of the institution or from stu dent fees, or both, into the special fund\nprovided by KRS 162.230, as that section is made applicable by KRS 162.350, a\nminimum amount representing the reasonable cost and value of any service rendered to\nthe educational institution by such building or bui ldings in furnishing any educational\nfacilities in the operation of the educational institution. The resolution shall fix the extent\nof the pledge of revenues from such other building or buildings toward the payment of the\nbonds and interest thereon and ma y specify the terms and conditions upon which\nadditional bonds may be thereafter issued and sold ranking on a parity with and payable\nfrom the same source as the bonds authorized by such resolution, and such additional\nparity bonds may thereafter be so iss ued and sold to pay all or any part of the cost of\nbuilding or buildings and appurtenances. The resolution shall definitely fix the minimum\namount of revenues necessary to be set apart on or before stated intervals and applied to\nthe payment of the princip al and interest on the bonds and the balance of the income and\nrevenues shall be set aside as a proper operation and maintenance fund, including a\nsufficient sum to pay the cost of insuring the building or buildings against loss or damage\nby fire and winds torm or other calamity as may have been stipulated in the resolution or\nresolutions authorizing the bonds. The charges for the services from the building or\nbuildings, together with the available revenues of any other building or buildings pledged\nto the p ayment of said bonds and interest thereon, shall be sufficient at all times to\nprovide for the payment of such interest and to create a sinking fund to accomplish\nretirement of such bonds at or before maturity, and to pay the current operation and\nmaintenance expenses of the building or buildings to the extent such expenses are not\notherwise provided. The charges shall be revised from time to time so as to produce these\namounts.","path":["KRS Chapter 162"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4063","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:12Z","sha256":"2aa3b33beb7a1e129178fc786a8c5be2bc27cde5d71fb1e5f386d34bc75dff9a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-162.350","next":"us-ky/krs-162.370"},"notice":"GroundRules: Original legal text. Not legal advice."}