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104.680 Depreciation fund -- Operation and maintenance fund.

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104.680 Depreciation fund -- Operation and maintenance fund. The board of directors shall, by resolution, set aside from its annual tax revenue a proper <br>and adequate amount to be deposited into a depreciation fund, which fund shall be used <br>solely for replacing capital equipment, new construction, extensions or additions to the <br>flood control works. The remainder of its annual tax revenue shall be deposited into an <br>operation and maintenance fund to be used solely for operating and maintenance expenses <br>in connection with the flood control works. Money accumulated in the depreciation fund <br>may be invested by the board of directors in the manner authorized by statute for other <br>trust funds and the income from such investments shall be deposited into the depreciation <br>fund. History: Created 1950 Ky. Acts ch. 42, sec. 24.