Kentucky Revised Statutes Title XL. Crimes and Punishments § 441.685.Local Correctional Facilities Construction Authority fund; use of funds; investments

(1) There is created and established a Kentucky Local Correctional Facilities Construction Authority fund which shall consist of the following:

(2) Moneys accruing to this fund shall be deposited by the State Treasurer in the fund's trust and agency account, and shall be invested by the state for the benefit and use of the authority, pending their application to the expenses of the authority and to payments of interest and principal of bonds, notes, and other obligations of the authority. Notwithstanding the provisions of the foregoing sentence, at such time or times as the moneys contained in the fund are sufficient to pay the principal on all bonds, notes, and obligations of the authority that would become due in the next ensuing twelve (12) month period, the authority may use moneys in the fund in excess thereof for such purposes as provided for in KRS 441.625 to 441.695.