If a surplus is accumulated in the operating and maintenance funds equal to the cost of maintaining and operating the waterworks during the remainder of the calendar, operating or fiscal year and during the succeeding like year, any excess over such amount may be transferred at any time by the city legislative body to the depreciation account, to be used for improvements, extensions or additions to the waterworks.
KRS 96.440
Transfer of surplus to depreciation fund
Applied in 1 court decision — leading case Electric Plant Board, Etc. v. City of Mayfield (1945)
Most recently applied in Electric Plant Board, Etc. v. City of Mayfield (January 1945)
Effective: October 1, 1942 History: Recodified 1942 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.