The money derived from the bonds issued under authority of KRS 165.080 shall be used to meet the needs of the university. The authorized use includes the payment for real estate and buildings purchased or to be purchased, the erection and alteration of improvements, and the securing of proper equipment, but does not include the payment of salaries or operating expenses or the payment of any existing indebtedness incurred as an operating expense.
KRS 165.100
Purposes for which proceeds may be used
Applied in 1 court decision — leading case City of Louisville v. Kesselring (1953)
Most recently applied in City of Louisville v. Kesselring (May 1953)
History: Amended 1954 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.