The board of directors shall, by resolution, set aside from its annual tax revenue a proper and adequate amount to be deposited into a depreciation fund, which fund shall be used solely for replacing capital equipment, new construction, extensions or additions to the flood control works. The remainder of its annual tax revenue shall be deposited into an operation and maintenance fund to be used solely for operating and maintenance expenses in connection with the flood control works. Money accumulated in the depreciation fund may be invested by the board of directors in the manner authorized by statute for other trust funds and the income from such investments shall be deposited into the depreciation fund.
History: Created 1950 Ky. Acts ch. 42, sec. 24.

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Terms Used In Kentucky Statutes 104.680

  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Statute: A law passed by a legislature.