{"data":{"id":"us-ky/krs-96.810","jurisdiction":"us-ky","citation":"KRS 96.810","heading":"Use of revenues -- Reduction of rates -- Equity of municipality.","body":"(1) The board shall devote all moneys derived from any source other than the issuance\nof bonds to or for the payment of all operating expenses; bond interest and\nretirement and sinking fund payments; the acquisition and improvement of the\nelectric plant; conti ngencies; other obligations incurred in the operation and\nmaintenance of the electric plant and the furnishing of electric service; the state, any\ncounty, any school district, any municipality, and any other special taxing district in\nwhich the board opera tes, of the same respective amounts as provided in KRS\n96.820, or any other additional amounts which the board pursuant to its contract\nwith the Tennessee Valley Authority or other governmental agencies collects as tax\nequivalents for any taxing jurisdicti on if the board contracts with the Tennessee\nValley Authority or any governmental agency for the purchase and resale of\nelectrical energy, or if the board does not contract with the Tennessee Valley\nAuthority or any other governmental agency for the purcha se or resale of any\nelectrical energy and if it has met all obligations imposed on it by KRS 96.550 to\n96.900 it may at the end of any twelve (12) months ending June 30 transfer any\nsurplus to the general fund of the municipality which authorized it; the r edemption\nand purchase of electric plant bonds, in which case the bonds should be canceled;\nthe creation and maintenance of a cash working fund; and the payment of an amount\nto the general funds of the municipality.\n(2) After the establishment of proper re serves, if any, and after complying with the\nabove provisions of this section, any surplus of proceeds shall be devoted solely to\nthe reduction of rates. The equity of the municipality contracting with the Tennessee\nValley Authority or other governmental a gency for the purchase and resale of\nelectrical power or energy shall be the purchase price of the electric plant, less the\nface value of outstanding bonds, or, if there is no purchase price, the original cost of\nthe plant as defined by the Federal Energy Regulatory Commission, less accrued\ndepreciation, less the face value of the outstanding bonds. The payment of bonds or\nthe acquisition or improvement of property from the receipts derived from electric\nservice or any other operation of the board shall not  be considered to increase the\nequity or investment of the municipality.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26287","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:58Z","sha256":"4a67aa029046945b017ea49cb962ba17dbe5f4becfe10beb2f4313d7e8e180e0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.800","next":"us-ky/krs-96.820"},"notice":"GroundRules: Original legal text. Not legal advice."}