{"data":{"id":"us-ky/krs-198a.165","jurisdiction":"us-ky","citation":"KRS 198A.165","heading":"Authorization for establishing reserve and replacement funds.","body":"The corporation shall be authorized and empowered in connection with the issuance of its\nbonds and notes for housing purposes pursuant to this chapter to establish in respect of\nsuch bonds and notes such reserve funds or replacement funds as may be require d in the\nsound discretion of the board of directors of the corporation to enable the corporation to\neffectuate its proper public purposes. In the event any such reserve fund or replacement\nfund created by the corporation in connection with any such bond is sue or note issue\nshould, in violation of any contract made by the corporation with any bondholder or note\nholder be monetarily deficient in any respect as of any date of accounting so stipulated by\nthe corporation, the corporation shall immediately make f ormal request in writing to the\nsecretary of the Finance and Administration Cabinet, and to the Governor of Kentucky\nthat sums adequate to restore such reserve fund or replacement fund to its contractually\nrequired level and to pay any overdue principal and interest on any outstanding bonds and\nnotes of the corporation be included in the next succeeding executive budget, and that\nsuch budget request with recommendation for approval by the General Assembly to the\ncorporation for the use and benefit of such r eserve fund or replacement fund. In the event\nthe next scheduled even -numbered-year regular session of the General Assembly of\nKentucky shall occur more than six (6) months after any such request by the corporation,\nthe corporation shall request that sums adequate to restore such reserve fund or\nreplacement fund to such contractually required level and to pay any overdue principal\nand interest on any outstanding bonds and notes of the corporation be made available\nfrom the Governor's contingency fund, and if such funds are so made available the budget\nrequest hereinabove described in this section shall be correspondingly reduced.","path":["KRS Chapter 198A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=6944","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:50Z","sha256":"2c74602ddc438133274f4ee41e5683e403c8a03eadd8c7936bdc7ec858c4adeb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-198a.160","next":"us-ky/krs-198a.170"},"notice":"GroundRules: Original legal text. Not legal advice."}