2014 Kentucky Revised Statutes CHAPTER 157 - STATE SUPPORT OF EDUCATION 157.622 Assistance to school districts -- Priority order of needs -- Exception -- Reallocation of funds -- Disposition of bond savings and refinancing savings.
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157.622 Assistance to school districts -- Priority order of needs -- Exception
-- Reallocation of funds -- Disposition of bond savings and refinancing
savings.
The School Facilities Construction Commission shall be governed by the following
procedures in providing assistance to school districts for construction purposes:
(1) Upon receipt of the certified statements from the Kentucky Board of Education
as required by KRS 157.620, the commission shall compute the unmet needs
of all eligible districts as defined by KRS 157.615;
(2) Assistance to each eligible district shall be determined by computing the ratio
of the available state funding to total unmet need statewide. Based on the
computed ratio, an equivalent percentage of each eligible district's unmet need
will be funded;
(3) Each eligible district which has otherwise complied with the provisions of KRS
157.615 and 157.620 shall be offered sufficient funding to finance construction
of the portion of its unmet need computed by applying the ratio determined in
subsection (2) of this section to the total unmet need of the district. The funds
shall be applied to the projects listed on the most current facility plan approved
by the Kentucky Board of Education, and the funds shall be applied to projects
in the priority order listed on the plan. Exceptions to the priority order of
projects may be approved by the School Facilities Construction Commission
when it is documented by the local board of education and approved by the
Kentucky Board of Education upon the recommendation of the chief state
school officer that the school district's priority order of needs has changed. The
exceptions shall not alter the amount of the offer of assistance;
(4) The commission shall promulgate administrative regulations whereby an
eligible district which fails in any budget period to receive an allocation of state
funds that is sufficient to fund the district's priority project or portions thereof
may accumulate credit, subject to the availability of funds, for its unused state
allocation for a period not to exceed eight (8) years. Accumulation and
retention of credit is contingent upon the transfer of available local revenue to
the restricted construction account by June 30 of each year;
(5) Except as provided in subsection (6) of this section, all unused state
allocations accumulated according to the provisions of subsection (3) of this
section shall be reallocated by the commission. The reallocation shall follow the
process and intent as set forth in this section with eligible districts being those
districts which contribute unused state allocations to the reallocation account.
Any district which has an unused state allocation after funding its first priority
project in a biennium is not eligible for consideration for additional funds from
the reallocation account. Any funding received and utilized from the
reallocation account by a district shall equally reduce the credit as set forth in
this section; and
(6) Refinancing savings that have occurred since July 1, 1997, and subsequent
savings to the commission generated over the life of a bond by the local
district's refinancing of the bond shall be dedicated to the district's account by
the commission. Any funds accumulated in this account shall be used toward
the district's next priority, but shall not be deducted from the district's share of
commission funds under subsection (3) of this section.
Effective:July 12, 2006
History: Amended 2006 Ky. Acts ch. 156, sec. 1, effective July 12, 2006. -Amended 2001 Ky. Acts ch. 165, sec. 3, effective June 21, 2001. -- Amended
1998 Ky. Acts ch. 591, sec. 1, effective July 15, 1998. -- Amended 1996 Ky.
Acts ch. 362, sec. 6, effective July 15, 1996. -- Amended 1990 Ky. Acts ch. 476,
Pt. IV, sec. 194, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 213, sec.
2, effective July 15, 1988. -- Created 1985 (1st Extra. Sess.) Ky. Acts ch. 10,
sec. 30, effective October 18, 1985.
2014-2016 Budget Reference. See State/Executive Branch Budget, 2014 Ky.
Acts ch. 117, Pt. I, A, 28, (3) at 623.
Legislative Research Commission Note (6/21/2001). A reference to "subsection
(7)" in subsection (5) of this statute has been changed in codification to
"subsection (6)" under KRS 7.136(1)(e) and (h). In 2001 Ky. Acts ch. 165, sec.
3, the existing subsection (6) was renumbered as subsection (5), but an internal
reference to that subsection in the existing language of this statute was
overlooked.
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