KRS § 177.720 — KY Code / Title XV / Chapter 177 / Section 177.720
177.720 Bonds for park purposes and bonds for highways, bridges and tunnels to be designated distinguishably -- Separation of proceeds
Status: in_force

177.720 Bonds for park purposes and bonds for highways, bridges and tunnels to

be designated distinguishably -- Separation of proceeds.

(1) Bonds of the ten million dollars ($10,000,000) authorized for state park purposes,

and bonds of the ninety million dollars ($90,000,000) authorized for highways,

bridges and tunnels shall be given separate and distinguishable designations by

resolution of the commission prior to the issuance of any of the 1960 bonds; and in

all proceedings relating to authorization, sale and delivery the identity of the bonds

shall be manifest; provided, however, the commission may in its discretion, at one

(1) time or from time to time, offer for sale, upon the same occasion, all or any part

of both of the separately designated blocks of bonds.

(2) The proceeds of bonds issued for park purposes shall be segregated by the

commission from all other moneys and funds and shall constitute the "State Park

Acquisition and Improvement Fund," hereby created; and expenditures therefrom

shall be made upon order of the commissioner of parks subject to financial and

budgetary procedures as may be provided by law only for costs of establishing,

developing and improving state parks, and developing and improving existing state

parks, and upon order of the commission for defraying expenses incident to the

issuance of bonds. Pending expenditure, such proceeds shall be deposited in one or

more financial institutions, and each institution shall give security by making a valid

pledge to the Commonwealth of United States government securities approved by

the commission and having an aggregate market value at all times at least equal to

the current balance of the deposit; provided, however, the commission may, in its

discretion, cause all or any part of the moneys in the said "state park acquisition and

improvement fund" to be invested and from time to time reinvested in United States

government securities, and income received from such investments shall be retained

in said fund and may be invested and reinvested in like manner. Securities held for

the account of said fund shall be converted into cash, upon order of the commission,

and disbursed and expended whenever required for the designated purposes of the

fund.

(3) The proceeds of bonds issued for highways, bridges and tunnels shall be segregated

by the commission from all other moneys and funds and shall constitute the "State

Highway Construction Fund of 1960," hereby created; and expenditures therefrom

shall be made upon order of the commissioner of highways of the Commonwealth

for construction of highways, bridges and tunnels wherein there is to be federal cost

participation; and by the commission for defraying expenses incident to the issuance

of bonds. Pending expenditure, such proceeds may be deposited, secured, invested,

reinvested and converted into cash in the same manner as is provided in subsection

(2) with reference to the proceeds of the bonds issued for park purposes.