{"data":{"id":"us-ky/krs-97.720","jurisdiction":"us-ky","citation":"KRS 97.720","heading":"Fiscal year -- Annual financial statement -- Improvement and replacement","body":"fund -- Compliance with KRS 65A.010 to 65A.090.\n(1) The fiscal year of the commission shall be the same as that of the city. The\ncommission shall, each May, prepare and certify to  the mayor, to be by him\ntransmitted to the legislative body, a statement showing the total funds that, in the\njudgment of the commission, will be needed for maintaining the memorial for the\nensuing fiscal year; setting forth in detail the sums needed for the different classes\nof expenditure; setting forth the estimated balance that will be on hand on the first\nof July following the certification of the statement and available for expenditure\nduring the ensuing fiscal year for maintenance purposes; and indicating, as nearly as\npossible, what additional assets other than those derived from the city appropriation\nwill become available for maintenance purposes for the ensuing fiscal year.\n(2) The legislative body, in making the appropriation or levy of the tax for maintenance\npurposes, shall take into consideration the amount of funds held or derived by the\ncommission from donations for maintenance purposes. The commission may set\naside and retain from year to year, out of the maintenance funds derived by gift o r\nappropriation, a reasonable fund to be known as an \"improvement and replacement\nfund,\" to cover needed improvements, replacements and equipment for, and\ndepreciation of, the memorial. The funds shall be placed at interest in a bank of the\ncity, with the mayor's approval, or invested in United States government interest -\nbearing bonds, or bonds of the city or any of its instrumentalities. The amount set\naside each year for such purposes shall be made with the approval of the mayor, and\nshall be held and use d as occasion requires as a further memorial building and\nimprovement fund to improve and further equip the memorial, and for replacement\npurposes if the memorial or any portion of it is destroyed by casualty or decay. The\ncost of ordinary repairs shall be paid for out of maintenance funds.\n(3) The commission shall comply with the provisions of KRS 65A.010 to 65A.090.","path":["KRS Chapter 97"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41728","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:00Z","sha256":"63ed76ea159d17df90275a3ad7547ff89af6ddec09c9f1bc2573ae1d0dae9b7e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-97.710","next":"us-ky/krs-97.730"},"notice":"GroundRules: Original legal text. Not legal advice."}