{"data":{"id":"us-ky/krs-66.370","jurisdiction":"us-ky","citation":"KRS 66.370","heading":"Surrender of sinking fund assets to county sinking fund -- Administration","body":"of fund.\n(1) A county may, by order of its fiscal court, surrender to the state local debt officer,\nDepartment for Local Government, all money in hand, notes, bonds, accounts, or\nother credits representing assets available, and any other sums which may hereafter\nbecome available from any and all sources, for paying the principal and interest of\nany bonded debt of the county; however, if a county surrenders the sinking fund for\nany bond issue payable either from the tax levy authorized by Section 157 or by\nSection 157a of the Constitution of Kentucky or from any special tax levy\nauthorized by law, it shall also surrender the sinking funds for all other bonds\npayable from the same tax levy as herein defined. The surrender shall be irrevocable\non the part of the county. Any county which has a bond issue approved under KRS\n66.310 may comply with the provisions of this subsection with respect to the\nsinking funds for the bonds thus approved and for any other bonds payable from the\nsame tax levy as herein defined.\n(2) All cash received under this section by the state local debt officer, Department for\nLocal Government, shall be deposited with the commissioner, Department for Local\nGovernment, to the credit of a fund designated the \"county sinking fund.\" All assets\nother than cash shall be deposited with the commissioner, Department for Local\nGovernment, and shall be liquidated, upon authorization of the commissioner,\nwithin a reasonable time.\n(3) The county treasurer of any county complying with the provisions of this section\nshall remit monthly to the state local debt officer, Department for Local\nGovernment, all moneys received from any tax levy made for the exclusive purpose\nof paying pri ncipal and interest on any bonds. Any moneys appropriated in the\ncounty budget from any other source or any moneys required by law to be used for\nthe same purpose shall be remitted as required for paying any principal or interest\nmaturities, or both, or me eting sinking fund requirements. The state local debt\nofficer, Department for Local Government, may institute actions in the Franklin\nCircuit Court to enforce the provisions of this subsection or to recover any funds\nthat may have been misapplied.\n(4) Accounts showing the county sinking fund receipts and disbursements shall be kept\nby the state local debt officer, Department for Local Government, for each bond\nissue of each county for which deposits are made in the fund. As of the close of the\ncounty fiscal year the state local debt officer, Department for Local Government,\nshall, within thirty (30) days thereafter, render to the county judge/executive of each\ncounty having deposits in the fund a statement thereof for each bond issue of that\ncounty. On or ab out the first day of May of each year, the state local debt officer,\nDepartment for Local Government, shall deliver to the county judge/executive an\nestimate of the principal and interest requirements of outstanding bonds issued by\nthat county or of the pr oportionate annual amount which should be deposited in a\nsinking fund.\n(5) Disbursements from the county sinking fund shall, when authorized by the state\nlocal debt officer, Department for Local Government, be made in the same manner\nas other claims on the  Commonwealth are paid. Disbursements may be made only\nfor:\n(a) The payment of principal or interest, or both, of the bonds for which the\ndeposit was made; and\n(b) The investment of the funds as authorized by law.\n(6) All coupons and bonds for the payment of which deposits are made in the county\nsinking fund shall be paid either directly by the state local debt officer, Department\nfor Local Government, or by the bank designated as paying agent. That bank may be\npaid a reasonable fee for its services by the Department for Local Government out\nof its appropriation. All paid bonds and coupons shall be surrendered to the state\nlocal debt officer and canceled and shall be delivered to the judge/executive of each\ncounty along with the annual statement provided for in this section.","path":["KRS Chapter 66"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23619","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:24Z","sha256":"a345019abce0842072ee631cf00ec2c25c83cd0ca5810cd762beb502224878fb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-66.360","next":"us-ky/krs-66.380"},"notice":"GroundRules: Original legal text. Not legal advice."}