{"data":{"id":"us-ky/krs-175.505","jurisdiction":"us-ky","citation":"KRS 175.505","heading":"Debt payment acceleration fund -- Revenue source -- Use to accelerate","body":"payment of turnpike authority debt.\nThere is hereby created a fund in the road fund of the Commonwealth of Kentucky\nentitled the debt payment acceleration fund. The fund shall consist of twenty percent\n(20%) of the revenues to the state road fund provided by the adjustments in KRS\n138.220(2) excluding the provisions of KRS 177.320 and 177.365. Annually the\nTransportation Cabinet shall use the funds generated to accelerate the pa yment of debt\nservice including principal and interest, over and above the annual debt service payments\nappropriated for each fiscal year, for all bonds issued and any refinancings thereof by the\nKentucky Turnpike Authority. The Transportation Cabinet shal l notify the Interim Joint\nCommittee on Appropriations and Revenue by January 1 of each fiscal year of the debt\npayments which are to or have been accelerated in the fiscal year. In the event that, due to\nbond market conditions, the terms of the bonds issu ed or other factors, the Transportation\nCabinet is unable to accelerate debt service payments, the Transportation Cabinet shall\nprovide documentation to the Interim Joint Committee on Appropriations and Revenue\nthat such acceleration is not possible and th e reasons therefor. In such an event, the funds\nnot available for debt acceleration shall be placed in a special escrow account in the\nTransportation Cabinet. Such funds shall not be expended for any of the lawful purposes\nof the Transportation Cabinet but  shall be held in the escrow account until such time as\nthe debt acceleration described by this section is possible. The Transportation Cabinet\nshall invest the funds allocated to the escrow account and any funds generated from these\ninvestments shall rema in in the escrow account. Any funds remaining in the escrow\naccount at the close of the fiscal year shall not lapse but shall be carried forward to the\nnext fiscal year for use as provided in this section. In the event that all principal and\ninterest outst anding on any bonds issued or any refinancing thereof by the turnpike\nauthority has been paid, the Transportation Cabinet shall so report. In that event, any\nfunds remaining in the escrow account shall remain in the fund until such time as the\nfunds are ap propriated by the General Assembly for any of the lawful purposes of the\nTransportation Cabinet.","path":["KRS Chapter 175"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5081","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:25Z","sha256":"b39a7c159473e507ddfdcb16097803ea9e86766d3ce4bc286bd05e5cd8257236","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175.500","next":"us-ky/krs-175.510"},"notice":"GroundRules: Original legal text. Not legal advice."}