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162.580 Duty of authority as to each bond issue.
In connection with each bond issue of the authority, it shall be the duty of the
authority:
(1) To require the board of education to insure the project to its full insurable
value, or to the amount of the bonds outstanding from time to time, whichever
is the less, against the hazards covered by the standard fire insurance policy
with standard endorsement of "extended coverage"; and to require that a copy
of each policy be delivered to the authority for inspection and for its records;
(2) To require periodic accounting from all depositories of funds, the same to be
submitted on forms prepared and supplied by the authority;
(3) To furnish to the auditing staff of the department a summary identification and
description of each issue, and to request that the financial records of the board
of education relating thereto be audited as a part of the annual audit of the
board of education, and that a separate statement or report thereof be filed
with the authority;
(4) To send to each board of education, at least thirty (30) days before the due
date of any rental payment, a notice of the amount of rental to become due,
and the date thereof, and to require acknowledgment thereof;
(5) In the event of failure to receive from the board of education satisfactory
evidence that sufficient funds have been transmitted to the authority, or will be
so transmitted, for paying bond principal and/or interest when due, as provided
in the lease, to notify and request that the department withhold from the board
of education a sufficient portion of any undisbursed funds then held or set
aside or allocated to it, and to request that the department transfer the required
amount thereof to the authority for the account of the board of education.
Effective:July 13, 1990
History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 587, effective
July 13, 1990. -- Created 1960 Ky. Acts ch. 81, sec. 8, effective June 16, 1960.
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