{"data":{"id":"us-ky/krs-177.720","jurisdiction":"us-ky","citation":"KRS 177.720","heading":"Bonds for park purposes and bonds for highways, bridges and tunnels to","body":"be designated distinguishably -- Separation of proceeds.\n(1) Bonds of the ten million dollars ($10,000,000) authorized for state park purposes,\nand bonds of the ninety million doll ars ($90,000,000) authorized for highways,\nbridges and tunnels shall be given separate and distinguishable designations by\nresolution of the commission prior to the issuance of any of the 1960 bonds; and in\nall proceedings relating to authorization, sale a nd delivery the identity of the bonds\nshall be manifest; provided, however, the commission may in its discretion, at one\n(1) time or from time to time, offer for sale, upon the same occasion, all or any part\nof both of the separately designated blocks of bonds.\n(2) The proceeds of bonds issued for park purposes shall be segregated by the\ncommission from all other moneys and funds and shall constitute the \"State Park\nAcquisition and Improvement Fund,\" hereby created; and expenditures therefrom\nshall be made upon order of the commissioner of parks subject to financial and\nbudgetary procedures as may be provided by law only for costs of establishing,\ndeveloping and improving state parks, and developing and improving existing state\nparks, and upon order of the c ommission for defraying expenses incident to the\nissuance of bonds. Pending expenditure, such proceeds shall be deposited in one or\nmore financial institutions, and each institution shall give security by making a valid\npledge to the Commonwealth of United  States government securities approved by\nthe commission and having an aggregate market value at all times at least equal to\nthe current balance of the deposit; provided, however, the commission may, in its\ndiscretion, cause all or any part of the moneys in the said \"state park acquisition and\nimprovement fund\" to be invested and from time to time reinvested in United States\ngovernment securities, and income received from such investments shall be retained\nin said fund and may be invested and reinvested in like manner. Securities held for\nthe account of said fund shall be converted into cash, upon order of the commission,\nand disbursed and expended whenever required for the designated purposes of the\nfund.\n(3) The proceeds of bonds issued for highways, bridg es and tunnels shall be segregated\nby the commission from all other moneys and funds and shall constitute the \"State\nHighway Construction Fund of 1960,\" hereby created; and expenditures therefrom\nshall be made upon order of the commissioner of highways of the Commonwealth\nfor construction of highways, bridges and tunnels wherein there is to be federal cost\nparticipation; and by the commission for defraying expenses incident to the issuance\nof bonds. Pending expenditure, such proceeds may be deposited, secur ed, invested,\nreinvested and converted into cash in the same manner as is provided in subsection\n(2) with reference to the proceeds of the bonds issued for park purposes.","path":["KRS Chapter 177"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5363","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:29Z","sha256":"1bdf4841ef077f5fa59c84b83ebc75b2c271b12bdd377d6b0ee8015469923763","source_id":"us-ky","stale":false,"prev":"us-ky/krs-177.710","next":"us-ky/krs-177.730"},"notice":"GroundRules: Original legal text. Not legal advice."}