{"data":{"id":"us-ky/krs-67a.885","jurisdiction":"us-ky","citation":"KRS 67A.885","heading":"Deposit of funds -- Security -- Interest.","body":"When any bonds are delivered and the proceeds are received by the government, they\nshall be deposited in a bank or trust company or combined bank and trust company, and\nto the extent the deposit may exceed insurance provided by federal deposit insurance\ncorporation, the same shall be secured by a valid pledge of direct bonds or notes of the\nUnited States government or bonds or notes fully guaranteed thereby having at all times a\nmarket value equal to the undisbursed balance of such deposit; or shall be secu red in any\nother manner as the urban-county council may approve. Costs of the project shall be paid\nfrom the proceeds of the bonds pursuant to such regulations and requirements as shall be\ndetermined by the government and incorporated into the ordinance of  bond authorization.\nThere shall be set aside into the sinking fund hereinafter created a sum from bond\nproceeds equal to all interest which will accrue on the bonds until the date when the first\nimprovement benefit assessment levied in connection therewit h will become due and\npayable, together with such further sum as may be provided in the ordinance of bond\nauthorization, not to exceed interest on the bonds for a period of three (3) years.  If\nprovided in the ordinance of bond authorization, all or any po rtion of the debt service\nreserve  requirement shall be set aside into the debt service reserve fund.  If after\ncompletion, acceptance and payment of the work of all contractors and the payment of all\ncosts of the project there shall remain an unexpended b alance of bond proceeds, the\nbalance shall be transferred to the sinking fund created and maintained in connection with\nthe project as provided by KRS 67A.871 to 67A.894.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23968","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"d7b649ed963c09deb969b1bf43740e3d80680ce1662677ef28ba807bc4ac4c7d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.884","next":"us-ky/krs-67a.886"},"notice":"GroundRules: Original legal text. Not legal advice."}