{"data":{"id":"us-ky/krs-80.240","jurisdiction":"us-ky","citation":"KRS 80.240","heading":"Application of receipts of city housing authority.","body":"(1) The rents and other revenues of a city housing authority shall be applied:  first to\npay the interest and principal of the bonds issued under KRS 80.230 as payments\nfall due; next, to pay the costs of maintaining, repairing, improving and operating its\ndevelopments; next, to create such reserve for depreciation as the housing authority\ndeems necessary and proper. The excess, if any, of the rents received during any\nannual period may be applied to the prepayment of the obligations of the housing\nauthority or may be placed in a special fund for the purpose of paying the principal\nand interest of the obligations as they become due.\n(2) Receipts of revenues of a city housing authority in excess of the amounts required to\npay:\n(a) The interest and principal on bonds issued under this chapter as payments fall\ndue;\n(b) The cost of maintaining, repairing, improving and operating its projects; and\n(c) Reserves for depreciation as the housing authority deems necessary and\nproper;\nmay be applied to the engagement by the authority in activities for the maintenance\nand enhancement of adequate housing stock for low -income and moderate -income\npersons, as defined in this chapter.","path":["KRS Chapter 80"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=24833","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:40Z","sha256":"d3af7e29a29489b478f364e5f139c292eb4494e4dab8b9b2b1164d6c8d3fc0d6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-80.230","next":"us-ky/krs-80.250"},"notice":"GroundRules: Original legal text. Not legal advice."}