{"data":{"id":"us-ky/krs-184.375","jurisdiction":"us-ky","citation":"KRS 184.375","heading":"Revenues derived from project -- How applied.","body":"Revenues derived from each project of a transportation improvement district in\nconnection with which any bonds are outstanding shall be first applied to pay the cost of\nthe construction, maintenance, and repair of the project and to provide such reserves\ntherefor as are provided for in the bond proceedings authorizing the issuance of those\noutstanding bonds, and otherwise as provided by the board of trustees of the district, and\nthe balance of the pledged revenues shall be set aside, at regular intervals as  are provided\nin the bond proceedings, in a bond service fund which is hereby pledged to and charged\nwith the payment of the bond service charges on any outstanding bonds as provided in the\napplicable bond proceedings. The pledge shall be valid and binding  from the time the\npledge is made. The revenues and the pledged revenues thereafter received by the board\nshall immediately be subject to the lien of the pledge without any physical delivery\nthereof or further act, and the lien of such pledge shall be vali d and binding as against all\nparties having claims of any kind in tort, contract, or otherwise against the board, whether\nor not the parties have notice thereof. The bond proceedings by which a pledge is created\nneed not be filed or recorded except in the records of the board. The use and disposition\nof moneys to the credit of a bond service fund shall be subject to the applicable bond\nproceedings. Except as is otherwise provided in the bond proceedings, a bond service\nfund shall be a fund for all such bond s, without distinction or priority of one (1) over\nanother.","path":["KRS Chapter 184"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53023","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:36Z","sha256":"cfeb1c47ce7fb886fe5f11a2a67bc740897b675f8de2d83b6d89937209641637","source_id":"us-ky","stale":false,"prev":"us-ky/krs-184.373","next":"us-ky/krs-184.377"},"notice":"GroundRules: Original legal text. Not legal advice."}