If a surplus is accumulated in the operation and maintenance fund equal to the cost of maintaining and operating the works of the district during the remainder of the calendar, operating or fiscal year, as may be provided by the resolution required by KRS § 220.440, and the cost of maintaining and operating the works during the succeeding like calendar, operating or fiscal year, any excess over that amount may be transferred at any time by the board of directors to the depreciation account to be used for improvements, extensions or additions to the works.
Effective: October 1, 1942

Terms Used In Kentucky Statutes 220.450

  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Year: means calendar year. See Kentucky Statutes 446.010

History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2062g-46.