2015 Kentucky Revised Statutes
CHAPTER 162 - SCHOOL PROPERTY AND BUILDINGS
162.080 Bond issues for school sites and buildings -- Authorization -- Election.

Download as PDF 162.080 Bond issues for school sites and buildings -- Authorization -- Election. (1) (2) (3) Whenever a board of education deems it necessary for the proper accommodation of the schools of its district to enlarge sites for school buildings, to purchase new sites, which in the case of independent districts may be not more than two (2) miles without the boundary lines of the district, to improve, remodel, or restore school buildings, to erect or equip new school buildings, or for any or all of these purposes, and the annual funds raised from other sources are not sufficient to accomplish the purpose, the board shall make a careful estimate of the amount of money required for the purpose and shall determine the amount of money for which bonds shall be issued and the purpose to which the proceeds shall be applied. Upon request of the board of education of any district, the county clerk shall submit to the qualified voters of the district, the question as to whether bonds shall be issued for the purpose. The question shall be so framed that the voter may by his vote answer "for" or "against." The request shall be accompanied by an ordinance or resolution which shall fix the time the bonds shall run and, if a serial issue, the amount to mature at each time. It shall limit the rate of interest to be permitted on the bonds, which shall not exceed the amount permitted by law, and the total amount of bonds to be issued, and shall provide for the levy of a tax to pay the interest and to create a sinking fund to retire them at their maturity. The election shall be held not less than fifteen (15) nor more than thirty (30) days from the time the request of the board of education is filed with the county clerk, and reasonable notice of the election shall be given. The election shall be conducted and carried out in the school district in all respects as required by the general election laws, and shall be held by the same officers as required by the general election laws. The expense of the election shall be borne by the school district. Effective: July 13, 1990 History: Amended 1990 Ky. Acts ch. 48, sec. 86, effective July 13, 1990; and ch. 476, Pt. V, sec. 553, effective July 13, 1990. -- Amended 1976 Ky. Acts ch. 127, sec. 20. - Amended 1962 Ky. Acts ch. 180, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4399-47. Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts Ch. 476, pursuant to Section 653(1) of Acts Ch. 476.