97.770 Disposition of income after bonds are paid. - Kentucky Statutes

Download pdf

Loading PDF...

97.770 Disposition of income after bonds are paid. After the bonds issued pursuant to Chapter 23 of the Acts of 1922 are fully paid, the
commission, with the mayor's approval, may annually set aside a portion of the income
derived from the operation of the memorial, and it shall be either deposited, at interest, in
banks or trust companies selected by the commission with the mayor's approval, or
invested by the commission, with the mayor's approval, in high-class interest-bearing
securities, and so held, to be used in either case for the purposes of improvement,
replacement or reconstruction of the memorial, or any portion thereof, as conditions may
require or render advisable. All such work shall be done by or under the supervision of
the commission. The remainder of the annual income, less such portion as may be
required or used for the maintenance of the memorial, shall be paid into the city treasury. Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3037i-19.