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183.680 Maintenance, operation and depreciation funds -- Rates.

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183.680 Maintenance, operation and depreciation funds -- Rates. At or before the issuance of bonds the legislative body of the governmental unit shall, by <br>ordinance or resolution, set aside and pledge the income and revenue of the airport <br>facilities into a separate and special fund to be used and applied in payment of the cost <br>thereof and in the maintenance, operation and depreciation thereof. The ordinance or <br>resolution shall definitely fix and determine the amount of revenue necessary to be set <br>apart and applied to the payment of principal and interest of the bonds and the proportion <br>of the balance of the income and revenue to be set aside as a proper and adequate <br>depreciation account, and the remaining proportion of such balance shall be set aside for <br>the reasonable and proper operation and maintenance of the airport facilities. The rates <br>and fees to be charged for the services of the airport facilities shall be fixed and revised <br>from time to time so as to be sufficient to provide for payment of interest upon all bonds <br>and to create a sinking fund to pay the principal thereof when due, and to provide for the <br>operation and maintenance of the airport facilities and an adequate depreciation account. <br>The provision of KRS 183.137(2) that the money derived from the use of the airport shall <br>be first applied to the maintenance of the airport shall not apply in the case of airport <br>facilities for which revenue bonds have been issued under KRS 183.630 to 183.740. Effective: March 25, 1960 <br>History: Amended 1960 Ky. Acts ch. 179, sec. 45, effective March 25, 1960. -- Created 1945 (1st Extra. Sess.) Ky. Acts ch. 3, sec. 7.