Kentucky Statutes 162.200 – Use of funds — Lien on building
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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History: Repealed and reenacted 1990 Ky.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.
Effective: July 13, 1990
Terms Used In Kentucky Statutes 162.200
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
History: Repealed and reenacted 1990 Ky.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.