Kentucky Statutes 224A.110 – Deposit of moneys — Use of revenues
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(1) All moneys derived by the authority pursuant to assistance agreements other than those assistance agreements funded under KRS § 224A.111, 224A.112, and
224A.1121 shall be received by the authority as constituting authority revenues, and shall, in common with other authority revenues, be immediately deposited into such funds or accounts as the authority shall designate.
(2) Moneys derived by the authority pursuant to assistance agreements funded under KRS § 224A.111 and all federal and state money or proceeds from the sale of revenue bonds of the authority received in support of assistance agreements funded under KRS § 224A.111 shall be deposited into an account designated as the “federally assisted wastewater revolving fund.”
(3) Moneys derived by the authority pursuant to assistance agreements funded under KRS § 224A.112 and all state money or proceeds from the sale of revenue bonds of the authority received in support of KRS § 224A.112 shall be deposited into either the infrastructure revolving fund or the broadband deployment fund.
(4) All authority revenues shall, before being expended for any other purposes of the authority, first be applied to the payment of the principal of and interest on authority revenue bonds in accordance with the resolution authorizing their issuance, as, and when the same become due and payable.
Effective: July 15, 2020
History: Amended 2020 Ky. Acts ch. 72, sec. 2, effective July 15, 2020. — Amended
1988 Ky. Acts ch. 124, sec. 10, effective March 31, 1988. — Created 1972 Ky. Acts ch. 329, sec. 11.
224A.1121 shall be received by the authority as constituting authority revenues, and shall, in common with other authority revenues, be immediately deposited into such funds or accounts as the authority shall designate.
Terms Used In Kentucky Statutes 224A.110
- Authority: means the Kentucky Infrastructure Authority, which is created by this chapter. See Kentucky Statutes 224A.011
- Authority revenues: means the totality of all: (a) Service charges. See Kentucky Statutes 224A.011
- Broadband deployment fund: means a fund to assist with the construction, development, or improvement of broadband infrastructure, broadband services, or technologies that constitute a part of, or are related to, broadband infrastructure or broadband services, to provide for broadband service in underserved or unserved areas of the Commonwealth. See Kentucky Statutes 224A.011
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Infrastructure revolving fund: means that fund which will receive state funds, the proceeds from the sale of revenue bonds of the authority or other moneys earmarked for that fund for the purpose of providing loans or grants to finance construction or acquisition of infrastructure projects as defined in this section. See Kentucky Statutes 224A.011
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 224A.011
- Wastewater: means any water or liquid substance containing sewage, industrial waste, or other pollutants or contaminants derived from the prior use of these waters. See Kentucky Statutes 224A.011
(2) Moneys derived by the authority pursuant to assistance agreements funded under KRS § 224A.111 and all federal and state money or proceeds from the sale of revenue bonds of the authority received in support of assistance agreements funded under KRS § 224A.111 shall be deposited into an account designated as the “federally assisted wastewater revolving fund.”
(3) Moneys derived by the authority pursuant to assistance agreements funded under KRS § 224A.112 and all state money or proceeds from the sale of revenue bonds of the authority received in support of KRS § 224A.112 shall be deposited into either the infrastructure revolving fund or the broadband deployment fund.
(4) All authority revenues shall, before being expended for any other purposes of the authority, first be applied to the payment of the principal of and interest on authority revenue bonds in accordance with the resolution authorizing their issuance, as, and when the same become due and payable.
Effective: July 15, 2020
History: Amended 2020 Ky. Acts ch. 72, sec. 2, effective July 15, 2020. — Amended
1988 Ky. Acts ch. 124, sec. 10, effective March 31, 1988. — Created 1972 Ky. Acts ch. 329, sec. 11.