2006 Kentucky Revised Statutes - .944   Notification or approval of state local debt officer, when required -- Approval by chief state school officer, when required.

65.944 Notification or approval of state local debt officer, when required -- Approval by chief state school officer, when required. (1) (a) Without first notifying the state local debt officer in writing, no lease may be entered into if the lease price exceeds one hundred thousand dollars ($100,000). The notification shall contain the terms of the lease, including the lease price, number of optional renewal periods, interest rate, date of issue, purpose, any trustee or paying agent, if any, and any other information the state local debt officer may require. The state local debt officer may prescribe a form for providing the information required by this paragraph. (b)  In addition to the notification required by this subsection, no county, except an urban-county, shall enter into a lease if the lease price exceeds five hundred thousand dollars ($500,000) without first receiving the approval of the lease from the state local debt officer. The state local debt officer may prescribe procedures and adopt regulations for granting approval of the leases. (c)  In addition to the notification required by this subsection, no school district shall enter into a lease if the lease price exceeds one hundred thousand dollars ($100,000) without first receiving the approval of the lease from the chief state school officer. The chief state school officer shall recommend administrative regulations to the State Board of Education for implementation of KRS 65.940 to 65.956. (2) The state local debt officer may provide technical and advisory assistance regarding the entering into leases by a governmental agency whose governing body requests assistance. Effective: July 15, 1994 History: Amended 1994 Ky. Acts ch. 508, sec. 25, effective July 15, 1994. ­ Amended 1992 Ky. Acts ch. 27, sec. 6, effective March 2, 1992. -- Created 1990 Ky. Acts ch. 81, sec. 3, effective July 13, 1990.