{"data":{"id":"us-ky/krs-278.460","jurisdiction":"us-ky","citation":"KRS 278.460","heading":"Utilities to pay interest on deposits required of patrons -- Commission to","body":"calculate interest rate annually -- Interest rates for water districts and water\nassociations -- Administrative regulations.\n(1) Except as provided in subsection (2) of this section, a utility, including an electric\ncooperative organized under KRS Chapter 279, shall pay interest on amounts\nrequired to be deposited by patrons to secure utility service. The commission shall\ncalculate the interest rate on an annual basis by avera ging the one (1) year constant\nmaturity treasury rate from September, October, and November, and shall notify\nutilities in December of each year of the interest rate to be paid by utilities for the\nfollowing calendar year.\n(2) No water district organized u nder KRS Chapter 74 nor water association organized\nunder KRS Chapter 273 shall pay interest that exceeds the rate it receives in\ninterest, nor shall the interest payable to the customer at any time exceed six percent\n(6%) annually on amounts required to b e deposited by patrons to secure water\naccounts.\n(3) The commission may promulgate administrative regulations in accordance with the\nprovisions of KRS Chapter 13A to implement this section.","path":["KRS Chapter 278"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40132","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:30Z","sha256":"bde472a32507fdc6ccc405c877cc7cee31bdde62ab11ec83f905f357ddc0b2ad","source_id":"us-ky","stale":false,"prev":"us-ky/krs-278.457","next":"us-ky/krs-278.465"},"notice":"GroundRules: Original legal text. Not legal advice."}