KRS § 162.360 — KY Code / Title XIII / Chapter 162 / Section 162.360
162.360 Revenues from building -- Determination and use
Status: in_force

162.360 Revenues from building -- Determination and use.

The governing body of a state educational institution erecting a building or buildings and

appurtenances under the provisions of KRS 162.340 shall, by resolution, provide that the

bonds shall be payable, solely from the revenues of such building or buildings, provided,

said governing body may in its discretion, by said resolution, also provide that the bonds

shall be payable from the revenues of any other building or buildings theretofore or as

may be thereafter erected and used, in connection with the institution for educational

purposes provided, further, any such provision for the payment of the bonds from the

revenues of such other building or buildings theretofore erected shall be subject to and in

all respects in full conformity and compliance with the rights of the holders of any bonds

or obligations payable from the revenues of such other building or buildings theretofore

issued by the governing body then outstanding. The resolution shall fix the initial

minimum rents, tolls, fees, and other charges to be imposed in connection with the

services furnished by the building or buildings to be erected and may also provide that the

governing body of the institution shall monthly as the service accrues pay from the

current funds of the institution or from student fees, or both, into the special fund

provided by KRS 162.230, as that section is made applicable by KRS 162.350, a

minimum amount representing the reasonable cost and value of any service rendered to

the educational institution by such building or buildings in furnishing any educational

facilities in the operation of the educational institution. The resolution shall fix the extent

of the pledge of revenues from such other building or buildings toward the payment of the

bonds and interest thereon and may specify the terms and conditions upon which

additional bonds may be thereafter issued and sold ranking on a parity with and payable

from the same source as the bonds authorized by such resolution, and such additional

parity bonds may thereafter be so issued and sold to pay all or any part of the cost of

building or buildings and appurtenances. The resolution shall definitely fix the minimum

amount of revenues necessary to be set apart on or before stated intervals and applied to

the payment of the principal and interest on the bonds and the balance of the income and

revenues shall be set aside as a proper operation and maintenance fund, including a

sufficient sum to pay the cost of insuring the building or buildings against loss or damage

by fire and windstorm or other calamity as may have been stipulated in the resolution or

resolutions authorizing the bonds. The charges for the services from the building or

buildings, together with the available revenues of any other building or buildings pledged

to the payment of said bonds and interest thereon, shall be sufficient at all times to

provide for the payment of such interest and to create a sinking fund to accomplish

retirement of such bonds at or before maturity, and to pay the current operation and

maintenance expenses of the building or buildings to the extent such expenses are not

otherwise provided. The charges shall be revised from time to time so as to produce these

amounts.