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157.627 Requirements for issuance -- Accounting procedure.
In connection with each bond issue of the commission as defined in KRS
157.615(3), it shall be the duty of the commission:
(1) To require the district 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 commission 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 commission;
(3) To furnish to the certified public accountant auditing the district, 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 commission;
(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; and
(5) To receive from the board of education, satisfactory evidence that sufficient
funds have been transmitted to the commission or its agent, or will be so
transmitted, in the event of the board's failure to pay debt service and
administrative costs 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 commission for
the account of the board of education.
Effective:July 13, 1990
History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 385, effective
July 13, 1990. -- Amended 1988 Ky. Acts ch. 213, sec. 4, effective July 15,
1988. -- Created 1985 (1st Extra. Sess.) Ky. Acts ch. 10, sec. 32, 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.
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