{"data":{"id":"us-ky/krs-67a.770","jurisdiction":"us-ky","citation":"KRS 67A.770","heading":"Deposit of prepayments and bond sale proceeds -- Security --","body":"Disbursements.\nAs prepayments are received and when the bonds are delivered and the proceeds are\nreceived by the urban -county government, the same shall be deposited in an interest -\nbearing account in a bank or trust company, or combined bank and trust company, and to\nthe extent such deposit may exceed insurance provided by federal deposit insurance\ncorporation (if the depository be a member thereof, otherwise the full amount), the same\nshall be secured by a valid pledge of bonds or notes of the United States government, or\nfully guaranteed thereby, having at all times a market value equal to the undisbursed\nbalance of such deposit; or shall be secured in such other manner as the governing body\nmay prescribe or approve. Costs of the project which may then be earned and pay able,\nmay be paid forthwith. There shall be set aside into the sinking fund, hereinafter created,\na sum from bond proceeds equal to all interest which will accrue on said bonds until the\ndate when the first improvement assessment levied in connection there with will become\ndue and payable. The remainder may be disbursed from time to time in payment of costs\nof the project, as herein defined, except that payments on account of the construction\ncontracts shall not exceed ninety percent (90%) of the amount show n by a written\ncertificate of the engineer to have been earned for materials furnished and/or labor\nperformed by any contractor, the retained ten percent (10%) to be disbursed only upon\nfinal acceptance of the finished work of such contractor. If, after co mpletion, acceptance\nand payment of the work of all contractors, and the payment of all costs of the\nimprovement project, as herein defined, there shall remain an unexpended balance of\nbond proceeds, such balance shall be transferred to the sinking fund cr eated and\nmaintained in connection with the project, as provided in KRS 67A.800. The advanced\ninstallment and the one -half of one percent (0.5%) collected pursuant to KRS 67A.755\nshall be part of the sinking fund.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23934","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"77f9d7a07aef598babf4a4507426083ca01b2f1f937266119c545ed0d2dd38c6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.765","next":"us-ky/krs-67a.775"},"notice":"GroundRules: Original legal text. Not legal advice."}