LOUISVILLE, Ky. (WHAS11) - - The KFC Yum! Center is dipping into money meant for renovations and repairs in order to pay its debts.
According to documents, the reserve account now has a balance of less than $4,000. In April it had more than $3 million.
Arena officials said they had to take action because tax revenues didn't meet expectations.
They were expecting taxing district revenues of nearly $15 million, but they only received a little more than $6 million.
Renovation funds can only be used for debt payments as long as US Bank Corp, the trustee for the bond, approves the action.
The documents show a US Bank Corp vice president did sign off on the transfer.