67.525 Sinking fund management. - Kentucky Statutes

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67.525 Sinking fund management. The sinking fund shall be deposited in a depositary selected by the county buildings
commission. The deposit, where practicable, shall be continuously secured by a pledge to
the county buildings commission of direct obligations of the United States, exclusive of
accrued interest, at all times at least equal to the balance on deposit in the account or in
some other manner acceptable to the purchasers or holders of the bonds. The securities
shall be deposited with the county buildings commission or held by a trustee or agent
satisfactory to such commission. The sinking fund may be invested in direct obligations
of the United States. History: Created 1962 Ky. Acts ch. 224, sec. 16.