{"data":{"id":"us-ky/krs-177.595","jurisdiction":"us-ky","citation":"KRS 177.595","heading":"Full faith and credit of state pledged -- Funds derived from certain taxes to","body":"be set aside in amount sufficient to pay principal and interest -- Exception.\nThe bonds herein provided for shall be direct obligations of the Commonwealth of\nKentucky, and the full faith and credit of the Commonwealth hereby is pledged for the\npayment of said bonds and the interest thereon. In order to provide for the payment of the\nprincipal of all of said bonds at their maturity and the interest thereon annually as same\nshall accrue, there shall be levied and collected in each of the thirty (30) years from\nJanuary 1, 1957, to January 1, 1987, taxes for the benefit of the state road fund in the\nform of license, excise taxes and fees relating to registration, operation and us e of\nvehicles on public highways and excise taxes, use and license taxes relating to gasoline\nand other motor fuels used upon the public highways in Kentucky at rates not less than\nthe rates now imposed by law or so adjusted as to produce for the road fund  not less than\nthe amount now derived from all of such taxes. All funds derived from such taxes hereby\nare appropriated to the extent necessary for the payment of the principal and interest on\nsaid bonds. From the funds derived from said taxes in each year , beginning January 1,\n1957, there shall be set aside and held inviolable for that purpose, a fund sufficient to pay\nthe principal and interest on said bonds in each year as and when due until all of said\nbonds and the interest thereon shall have been paid in full. In each year, after setting aside\nthe funds hereinabove provided, the remainder of the funds derived from such taxes may\nbe expended and used for the cost of administration, statutory refunds and adjustment,\npayment of highway obligations, costs of construction, reconstruction, rights -of-way,\nmaintenance and repair of public highways, tunnels and bridges and the expense of\nenforcing state traffic and motor vehicle laws, provided that all the funds collected under\nKRS Chapter 138 and required by KR S 138.220 and 138.660(2) to be set aside by the\nDepartment of Highways for the construction, reconstruction and maintenance of rural\nand secondary roads shall be first set aside and used for such purposes.","path":["KRS Chapter 177"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5353","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:29Z","sha256":"0a3a2c054466496f9b21c5dee525b7d013eae63c962c271ab09ad63cb41db9e7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-177.590","next":"us-ky/krs-177.600"},"notice":"GroundRules: Original legal text. Not legal advice."}