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96.800 Use of proceeds from sale of bonds.

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96.800 Use of proceeds from sale of bonds. All moneys received from the sale and issuance of bonds shall be used solely to defray <br>the cost of acquiring or improving an electric plant, except that such proceeds may in the <br>discretion of the board also be used for the payment of the interest on the bonds until such <br>acquisition and improvement is completed and for a period of not more than eighteen (18) <br>months thereafter. The cost of the electric plant shall include all costs of acquisition or <br>improvement, including all preliminary expenses described in KRS 96.730; the cost of <br>acquiring all property, franchises, easements, and rights which, in the judgment of the <br>board, are necessary or convenient; engineering and legal expenses; expenses for <br>estimates of cost and revenues; expenses for plans, specifications and surveys; other <br>expenses incident or necessary to determining the feasibility or practicability of the <br>enterprise; administrative expense; and such other expense as may be incurred in the <br>financing herein authorized, the acquisition or improvement of the electric plant, the <br>placing of such plant in operation, including the creation of a cash working fund, and the <br>performance of the things herein required or permitted in connection therewith. Effective: July 13, 1984 <br>History: Amended 1984 Ky. Acts ch. 81, sec. 1, effective July 13, 1984. -- Created 1942 Ky. Acts ch. 18, sec. 23.