(1) The governing body of any county may, in accordance with the provisions of KRS Chapter 68, appropriate county funds to a city within the county to enable the city to perform proper and necessary governmental functions which the city is by statute authorized or required to undertake and which involves the public interest of the citizens of the county. (2) The governing body of any city may, in accordance with the provisions of KRS Chapter 91A, appropriate city funds to the county in which the city is located to enable the county to perform proper and necessary governmental functi ons which the county is by statute authorized or required to undertake and which involves the public interest of the citizens of the city. (3) The ordinance by which funds are appropriated to a county or a city under this section shall specify the permissible uses of such funds. (4) A county or a city receiving funds under this section shall administer the funds and shall account at least biannually to the grantor on the expenditure of the funds.
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