{"data":{"id":"us-ky/krs-216.160","jurisdiction":"us-ky","citation":"KRS 216.160","heading":"Sinking fund, operation and depreciation accounts to be provided -- Lease","body":"income.\n(1) On or before the issuance of the bonds the city legislative body shall, by ordinance,\nset aside and pledge the income of the municipal hospital into a separate and special\nfund to be used and applied in payment of the cost, maintenance, operation and\ndepreciation of the hospital. The ordinance shall fix the amount of revenue\nnecessary to be set aside and applied to the payment of the principal and interest of\nthe bonds and the proportion of the balance of the income to be set aside as a proper\nand adequate depreciation account. The remaining portion of the balance shall be\nset aside for the reasonable and proper operation and maintenance of the hospital.\nThe rates to be charged for the use of the hospital and the services it renders shall be\nfixed and revised from time to time so as to be sufficient to provide for the payment\nof interest upon all bonds and to create a sinking fund to pay the principal thereof\nwhen it becomes due, to provide for the operation and maintenance of the hospital,\nand to provide an adequate depreciation account.\n(2) The municipality issuing bonds under KRS 216.100 may lease the facility built\nfrom the proceeds of said bonds to a hospital distr ict created under KRS 216.310 et\nseq. In that event the lease income from a lease agreement between the municipality\nand the hospital district shall be sufficient to provide for the payment of interest\nupon the bonds, to create a sinking fund to pay the pr incipal thereof at or prior to\nmaturity, to accumulate proper reserves, and to pay the costs of operation and\ninsurance; or the lease may provide that the lessee shall pay the cost of insurance.","path":["KRS Chapter 216"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=8960","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:20Z","sha256":"3bfa8feb81388343e20624c600d485f1d18fe212a1531cf29fcd48119af4bf45","source_id":"us-ky","stale":false,"prev":"us-ky/krs-216.150","next":"us-ky/krs-216.170"},"notice":"GroundRules: Original legal text. Not legal advice."}