58.070 Maintenance, operating and depreciation funds -- Rentals, rates and charges. At or before the issuance of bonds the governmental agency shall, by order, resolution or ordinance, set aside and pledge the income and revenue of the public project including rents, royalties, fees and proceeds of sales of property and from rates and ch arges for services derived from or rendered by the public project into a separate and special fund to be used and applied in payment of the cost thereof and in the maintenance, operation and depreciation thereof. The order, resolution or ordinance shall de finitely fix and determine the amount of revenue necessary to be set apart and applied to the payment of principal and interest of the bonds, and the proportion of the balance of the income and revenue to be set aside as a proper and adequate depreciation account, and the remaining proportion of such balance shall be set aside for the reasonable and proper operation and maintenance of the public project. The rents, royalties, fees, rates and charges for the services or sale of the public project shall be fi xed and revised from time to time so as to be sufficient to provide for payment of ic project. The rents, royalties, fees, rates and charges for the services or sale of the public project shall be fi xed and revised from time to time so as to be sufficient to provide for payment of interest upon all bonds and to create a sinking fund to pay the principal thereof when due, and to provide for the operation and maintenance of the public project and an ade quate depreciation account. History: Created 1946 Ky. Acts ch. 126, sec. 7.
Kentucky Legal Code