Statutes > Kentucky Statutes > CHAPTER 106 ACQUISITION OF WATERWORKS BY CITIES AND WATER DISTRICTS > 106.080 Proceeds of bonds not to be diverted -- Lien on waterworks property.

106.080 Proceeds of bonds not to be diverted -- Lien on waterworks property.

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106.080 Proceeds of bonds not to be diverted -- Lien on waterworks property. All moneys received from the bonds shall be applied solely for the purchase by agreement <br>or condemnation or establishment or erection of the waterworks and extensions and <br>appurtenances thereto, or to advance the payment of the interest on the bonds during the <br>first three (3) years following the date of the bonds. A statutory mortgage lien shall exist <br>upon the waterworks and appurtenances and extensions so acquired in favor of the <br>holders of the bonds and coupons. Effective: June 17, 1954 <br>History: Created 1954 Ky. Acts ch. 18, sec. 8, effective June 17, 1954.