Kentucky Revised Statutes Title XIV. Libraries and Archives § 173.360.Annual appropriations, amounts; powers and duties of board as to funds

(1) After the legislative body of a governmental unit has made provisions for library service according to any of the methods set forth in KRS 173.310, the legislative body shall appropriate money annually to furnish such service. In library regions it shall not be less than three cents ($0.03), nor more than ten cents ($0.10) on each one hundred dollars ($100) worth of property assessed for local taxation. In counties containing a city of the first class it shall be not more than fifteen cents ($0.15) on each one hundred dollars ($100) worth of property assessed for local taxation. In all other governmental units it shall be not less than five cents ($0.05) nor more than fifteen cents ($0.15) on each one hundred dollars ($100) worth of property assessed for local taxation. In those instances where county library service has been established on the initiative of the fiscal court and when an appropriation of less than the minimum amount required by this subsection is proposed, the minimum amount of support for county library service may be determined annually through a mutual agreement of the county library board, the county fiscal court, and the state Department for Libraries and Archives. This agreement shall be reflected in the records of the legislative body of the governmental unit making the appropriation.

(2) All funds for the library shall be deposited monthly to the credit of the library board. These funds shall not be used for any but library purposes. The treasurer of the library board shall be required to execute bond with good and sufficient surety thereon for the faithful performance of his duties, the amount of the bond to be fixed by the board. If the bond has a corporate surety the premium shall be paid from the library fund. The board shall have exclusive control of expenditures, subject to an examination of accounts as may be required by the legislative body, and money shall be paid only upon vouchers approved by the board. The board shall not make expenditures or incur indebtedness in any year in excess of the amount of money appropriated and available for library purposes, except where a library board is the owner of real estate not used for library purposes, in which case they may borrow money secured solely by that property. Principal and interest on indebtedness on real estate owned by a library board not used for library purposes is not chargeable to the library funds derived from taxation.