Kentucky Statutes 67.505 – Use of bond revenue — Lien created
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All money received from any bonds issued pursuant to the provisions of KRS § 67.450 to
67.550 shall be used solely for the establishment, remodeling, erection or improvement of the 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 buildings and appurtenances in favor of the holder of the bonds and coupons.
History: Created 1962 Ky. Acts ch. 224, sec. 12.
67.550 shall be used solely for the establishment, remodeling, erection or improvement of the 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 buildings and appurtenances in favor of the holder of the bonds and coupons.
Terms Used In Kentucky Statutes 67.505
- 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: Created 1962 Ky. Acts ch. 224, sec. 12.