175.505 Debt payment acceleration fund -- Revenue source -- Use to accelerate payment of turnpike authority debt. There is hereby created a fund in the road fund of the Commonwealth of Kentucky <br>entitled the debt payment acceleration fund. The fund shall consist of twenty percent <br>(20%) of the revenues to the state road fund provided by the adjustments in KRS <br>138.220(2) excluding the provisions of KRS 177.320 and 177.365. Annually the <br>Transportation Cabinet shall use the funds generated to accelerate the payment of debt <br>service including principal and interest, over and above the annual debt service payments <br>appropriated for each fiscal year, for all bonds issued and any refinancings thereof by the <br>Kentucky Turnpike Authority. The Transportation Cabinet shall notify the Interim Joint <br>Committee on Appropriations and Revenue by January 1 of each fiscal year of the debt <br>payments which are to or have been accelerated in the fiscal year. In the event that, due to <br>bond market conditions, the terms of the bonds issued or other factors, the Transportation <br>Cabinet is unable to accelerate debt service payments, the Transportation Cabinet shall <br>provide documentation to the Interim Joint Committee on Appropriations and Revenue <br>that such acceleration is not possible and the reasons therefor. In such an event, the funds <br>not available for debt acceleration shall be placed in a special escrow account in the <br>Transportation Cabinet. Such funds shall not be expended for any of the lawful purposes <br>of the Transportation Cabinet but shall be held in the escrow account until such time as <br>the debt acceleration described by this section is possible. The Transportation Cabinet <br>shall invest the funds allocated to the escrow account and any funds generated from these <br>investments shall remain in the escrow account. Any funds remaining in the escrow <br>account at the close of the fiscal year shall not lapse but shall be carried forward to the <br>next fiscal year for use as provided in this section. In the event that all principal and <br>interest outstanding on any bonds issued or any refinancing thereof by the turnpike <br>authority has been paid, the Transportation Cabinet shall so report. In that event, any <br>funds remaining in the escrow account shall remain in the fund until such time as the <br>funds are appropriated by the General Assembly for any of the lawful purposes of the <br>Transportation Cabinet. Effective: July 1, 1986 <br>History: Created 1986 Ky. Acts ch. 174, sec. 11, effective July 1, 1986.
175.505 Debt payment acceleration fund -- Revenue source -- Use to accelerate payment of turnpike authority debt. There is hereby created a fund in the road fund of the Commonwealth of Kentucky <br>entitled the debt payment acceleration fund. The fund shall consist of twenty percent <br>(20%) of the revenues to the state road fund provided by the adjustments in KRS <br>138.220(2) excluding the provisions of KRS 177.320 and 177.365. Annually the <br>Transportation Cabinet shall use the funds generated to accelerate the payment of debt <br>service including principal and interest, over and above the annual debt service payments <br>appropriated for each fiscal year, for all bonds issued and any refinancings thereof by the <br>Kentucky Turnpike Authority. The Transportation Cabinet shall notify the Interim Joint <br>Committee on Appropriations and Revenue by January 1 of each fiscal year of the debt <br>payments which are to or have been accelerated in the fiscal year. In the event that, due to <br>bond market conditions, the terms of the bonds issued or other factors, the Transportation <br>Cabinet is unable to accelerate debt service payments, the Transportation Cabinet shall <br>provide documentation to the Interim Joint Committee on Appropriations and Revenue <br>that such acceleration is not possible and the reasons therefor. In such an event, the funds <br>not available for debt acceleration shall be placed in a special escrow account in the <br>Transportation Cabinet. Such funds shall not be expended for any of the lawful purposes <br>of the Transportation Cabinet but shall be held in the escrow account until such time as <br>the debt acceleration described by this section is possible. The Transportation Cabinet <br>shall invest the funds allocated to the escrow account and any funds generated from these <br>investments shall remain in the escrow account. Any funds remaining in the escrow <br>account at the close of the fiscal year shall not lapse but shall be carried forward to the <br>next fiscal year for use as provided in this section. In the event that all principal and <br>interest outstanding on any bonds issued or any refinancing thereof by the turnpike <br>authority has been paid, the Transportation Cabinet shall so report. In that event, any <br>funds remaining in the escrow account shall remain in the fund until such time as the <br>funds are appropriated by the General Assembly for any of the lawful purposes of the <br>Transportation Cabinet. Effective: July 1, 1986 <br>History: Created 1986 Ky. Acts ch. 174, sec. 11, effective July 1, 1986.
175.505 Debt payment acceleration fund -- Revenue source -- Use to accelerate payment of turnpike authority debt. There is hereby created a fund in the road fund of the Commonwealth of Kentucky <br>entitled the debt payment acceleration fund. The fund shall consist of twenty percent <br>(20%) of the revenues to the state road fund provided by the adjustments in KRS <br>138.220(2) excluding the provisions of KRS 177.320 and 177.365. Annually the <br>Transportation Cabinet shall use the funds generated to accelerate the payment of debt <br>service including principal and interest, over and above the annual debt service payments <br>appropriated for each fiscal year, for all bonds issued and any refinancings thereof by the <br>Kentucky Turnpike Authority. The Transportation Cabinet shall notify the Interim Joint <br>Committee on Appropriations and Revenue by January 1 of each fiscal year of the debt <br>payments which are to or have been accelerated in the fiscal year. In the event that, due to <br>bond market conditions, the terms of the bonds issued or other factors, the Transportation <br>Cabinet is unable to accelerate debt service payments, the Transportation Cabinet shall <br>provide documentation to the Interim Joint Committee on Appropriations and Revenue <br>that such acceleration is not possible and the reasons therefor. In such an event, the funds <br>not available for debt acceleration shall be placed in a special escrow account in the <br>Transportation Cabinet. Such funds shall not be expended for any of the lawful purposes <br>of the Transportation Cabinet but shall be held in the escrow account until such time as <br>the debt acceleration described by this section is possible. The Transportation Cabinet <br>shall invest the funds allocated to the escrow account and any funds generated from these <br>investments shall remain in the escrow account. Any funds remaining in the escrow <br>account at the close of the fiscal year shall not lapse but shall be carried forward to the <br>next fiscal year for use as provided in this section. In the event that all principal and <br>interest outstanding on any bonds issued or any refinancing thereof by the turnpike <br>authority has been paid, the Transportation Cabinet shall so report. In that event, any <br>funds remaining in the escrow account shall remain in the fund until such time as the <br>funds are appropriated by the General Assembly for any of the lawful purposes of the <br>Transportation Cabinet. Effective: July 1, 1986 <br>History: Created 1986 Ky. Acts ch. 174, sec. 11, effective July 1, 1986.
