{"data":{"id":"us-ky/krs-66.081","jurisdiction":"us-ky","citation":"KRS 66.081","heading":"Maintenance of sinking funds.","body":"(1) At any time while the bonds are outstanding, an issuer shall maintain a sinking fund\nwhich shall be pledged for the retirement of all of the issuer's outstanding bonds,\nand tax -supported leases. The issuer shall deposit moneys in the sinking fund at\ntimes and in amounts so adequate moneys will be available in the sinking fund for\nthe payment of debt charges on all outstanding bonds and tax-supported leases.\n(2) Except in the case of bonds issued for the purpose of refunding, all proceeds from\nthe sale of bo nds, except accrued interest, shall be paid into a special fund for the\npublic purpose related to the bonds, and any interest and other income earned on\nmoney in that special fund may be used for that purpose or may be credited to the\ngeneral fund or other  fund or account as the issuer authorizes and used for the\npurposes of that fund or account. The accrued interest received from the sale of\nbonds shall be paid into the sinking fund.\n(3) If a public project that was financed by bonds is sold, the amount re ceived from the\nsale shall be paid into the sinking fund or into a special fund for the construction or\nacquisition of public projects.\n(4) The unexpended balance in a sinking fund remaining after bonds and tax -supported\nleases are no longer outstanding may be transferred to any other fund of the issuer.","path":["KRS Chapter 66"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23579","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:24Z","sha256":"75812d3f26af97ab5996213975bc879a66169a769310d492ba48a19472426a80","source_id":"us-ky","stale":false,"prev":"us-ky/krs-66.080","next":"us-ky/krs-66.090"},"notice":"GroundRules: Original legal text. Not legal advice."}