{"data":{"id":"us-ky/krs-96.510","jurisdiction":"us-ky","citation":"KRS 96.510","heading":"Payment of encumbrance existing at time of acquisition of waterworks.","body":"The ordinances required by KRS 96.370 and 96.430 may set apart a fund equal to the\namount of any secured debt or charge subject to which a waterworks is acquired, and\nshall set aside to that fund, from the balance of the income and revenues of the\nwaterworks remaining after setting aside the funds for payment of principal and interest\nof bonds, a sum sufficient to comply with the requirements of the instrument creating the\nlien or securing the charge. If the instrument does not make any provision therefor, the\nordinance shall fix and determine the amount that shall be set aside for interest on the\nsecured debt or charge and a fixed amount to pay the principal thereof at maturity. Any\nsurplus after satisfying the secured debt or charge may be used for the red emption of the\nprincipal and interest of bonds. Bonds may be issued pursuant to the provisions of KRS\n96.350 to 96.510 in exchange for or in satisfaction of such secured debt or charge, or may\nbe sold and the proceeds applied in payment of the secured debt  or charge at or before\nmaturity.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26240","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:58Z","sha256":"2acfa26a5602c5fd9a7047e58990111de0c1bc11c3f334d1244984be4827b9ca","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.500","next":"us-ky/krs-96.520"},"notice":"GroundRules: Original legal text. Not legal advice."}