Kentucky Statutes 68.127 – Emergency floodwall operation fund, fiscal court of county containing city of the first class may establish — Additions to fund — Investment of funds — Gifts
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(1) The fiscal court of any county containing a city of the first class is hereby authorized and empowered to establish a fund to be designated and known as an emergency floodwall operation fund and to set aside in said fund and acquire therein from year to year funds for the purpose of operating floodwalls when such operation shall become necessary because of flood or other emergency. The fund herein provided shall be a permanent fund and the sums accumulated shall not be used for any other purpose.
(2) The fiscal court of such county may add to the fund from year to year such moneys out of its general revenue as it deems advisable or necessary.
(3) All moneys in said fund shall be kept as other county funds, but shall be invested under the supervision of said fiscal court only in obligations of the United States government.
(4) Such fiscal court shall have the power, upon the approval of the majority of the members thereof, to receive any funds by gift or devise to be placed in or become a part of such emergency floodwall operation fund upon such terms and conditions as the fiscal court shall deem proper.
Effective: May 18, 1956
History: Created 1956 Ky. Acts ch. 21, sec. 1, effective May 18, 1956.
(2) The fiscal court of such county may add to the fund from year to year such moneys out of its general revenue as it deems advisable or necessary.
Terms Used In Kentucky Statutes 68.127
- City: includes town. See Kentucky Statutes 446.010
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Year: means calendar year. See Kentucky Statutes 446.010
(3) All moneys in said fund shall be kept as other county funds, but shall be invested under the supervision of said fiscal court only in obligations of the United States government.
(4) Such fiscal court shall have the power, upon the approval of the majority of the members thereof, to receive any funds by gift or devise to be placed in or become a part of such emergency floodwall operation fund upon such terms and conditions as the fiscal court shall deem proper.
Effective: May 18, 1956
History: Created 1956 Ky. Acts ch. 21, sec. 1, effective May 18, 1956.