{"data":{"id":"us-ky/krs-96.182","jurisdiction":"us-ky","citation":"KRS 96.182","heading":"Application of funds derived from operations -- Use of surplus.","body":"Subject to the provisions of outstanding bonds and contracts, the board shall apply all\nfunds derived from operations: (1) to the payment of operating expenses, (2) to the\npayment of bond interest and retirement, (3) to sinking fund requirements, (4) to th e\nmaintenance of a fund to meet depreciation and the improvements and extension of the\nplant in an amount equal to six percent (6%) of the undepreciated book value of its\nproperty, (5) to the maintenance of a cash working fund equal to one (1) month's revenue,\n(6) to the payment of other obligations incurred in the operation and maintenance of the\nplant and the furnishing of service, and (7) such taxes, if any, as the board may elect to\npay under the provisions of KRS 96.179, and any surplus revenues at the  end of any\ntwelve (12) months ending June 30 shall be transferred to the sinking fund, and used by\nthe board only for the redemption or purchase of outstanding bonds, in which case such\nbonds shall be canceled, or for the creation and maintenance of a cas h working fund, or\nthe creation and maintenance of a fund for improvement and extension of the system, or\nfor the reduction of rates, or the board, after the original cost of the property shall have\nbeen fully paid and satisfied may, in its sole discretion , use, apply and pledge all or a part\nof such surplus revenues for the acquisition, construction, maintenance, improvement,\naddition to and operation of any \"public project\" as the same is defined in subsection (1)\nof KRS 58.010, or for the purpose of purc hasing, paying, retiring, guaranteeing the\npayment of or underwriting revenue bonds issued by the city or any agency thereof to\nfinance the acquisition, construction, maintenance, improvement, addition to and\noperation of such \"public project,\" which \"publ ic project\" shall be located within the\nterritory served by the board; the board is hereby vested with all of the powers, duties and\nresponsibilities delegated and granted to a \"governmental agency\" under KRS 58.020 to\n58.140, both inclusive; provided, how ever, that the acquisition or construction of any\n\"public project\" as above defined, shall be first approved by the common council before\nsuch \"public project\" is undertaken.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26195","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:57Z","sha256":"b92b99a2456d62c7f816899049a2231e567a46a3b7d9c5ea8cf899ef1e910180","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.181","next":"us-ky/krs-96.183"},"notice":"GroundRules: Original legal text. Not legal advice."}