Download as PDF
216.810 Leases by authority, contents.
The authority and the Commonwealth or other lessee may enter into any agreement, lease,
or contract with respect to any project. The lessee shall upon the execution of any lease
assume full responsibility for the maintenance and repair of the structure. All
maintenance and repair made by the lessee shall be subject to the approval of the
authority. Aside from this maintenance provision, any lease may contain, in substance,
any of the provisions not inconsistent herewith as the authority and the lessee may deem
appropriate and desirable:
(1) That the lease is for any number of years not to exceed forty (40), except that in the
case of the Commonwealth, or a political subdivision the execution of said lease is
contingent upon the appropriation of sufficient funds for the fiscal period to make
the required lease payment for said fiscal period.
(2) That the lessee will maintain and operate the building occupied, and a specified area
of the grounds. The cost of maintenance and operation will be considered in
establishing the rental fee for the building and land.
(3) That as to the cost of maintaining, repairing, and operating the project, the lessee is
contractually bound for the entire period of years until the final duration of the
contract period. If the bonds on the project have not been retired at the end of the
contract period, the lessee shall have an exclusive option to renew such lease for a
like period as the first lease contract was for.
(4) That the lessee may pay an additional sum as a contribution to a guarantee fund
hereinafter established in order to provide additional moneys to secure the bonds
issued by the authority in the manner hereinafter provided.
Effective: June 13, 1968
History: Created 1968 Ky. Acts ch. 132, sec. 5, effective June 13, 1968.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.