162.200 Use of funds -- Lien on building. - Kentucky Statutes

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162.200 Use of funds -- Lien on building. All money received from any bonds issued pursuant to KRS 162.170 shall be used solely
for the establishment or erection of the school building and necessary appurtenances,
except that the money may be used also to advance the payment of the interest on bonds
during the first three (3) years following the date of the bonds. There shall be a statutory
mortgage lien upon the school building and appurtenances in favor of the holders of the
bonds and coupons. Effective: July 13, 1990
History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 562, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942,
from Ky. Stat. sec. 4421-9.