2014 Kentucky Revised Statutes
CHAPTER 162 - SCHOOL PROPERTY AND BUILDINGS
162.540 Interpretation of terms in KRS 162.120 to 162.300 when applied to KRS 162.520 to 162.620.
Download as PDF
<![CDATA[162.540 Interpretation of terms in KRS 162.120 to 162.300 when applied to
KRS 162.520 to 162.620.
Upon receiving a request in writing from a board of education, the authority may, in
its discretion, assist such board of education in financing any project by acting in the
capacity and manner authorized to be performed by cities under KRS 162.120 to
162.290, and by counties under KRS 162.300. When applied to the authority, KRS
162.120 to 162.300 shall be so read that the following terms and passages have the
following respective meanings or interpretations:
(1) "City" or "county" means "authority";
(2) "City clerk" or "county clerk" means "secretary or assistant secretary of the
authority";
(3) "Governing body of the city" or "fiscal court" means "authority";
(4) "Mayor" or "county judge/executive" means "chairman or vice chairman of the
authority";
(5) "Ordinance" in the case of a city, or "resolution" in the case of a county, means
a resolution of the authority;
(6) "Building and appurtenances" means "project" as defined in subsection (4) of
KRS 162.520;
(7) The last sentence of KRS 162.190 shall read, "It shall be plainly stated on the
face of each bond that it was or is issued under the provisions of KRS 162.520
to 162.620 (omitting reference to KRS 162.150 to 162.280 as such), and that it
does not constitute an indebtedness of the authority or of the Commonwealth";
(8) KRS 162.200 is modified to permit use of money received from bonds for the
additional purpose of paying reasonable expenses incurred in the
authorization, advertising, preparation, sale, and delivery of bonds, and may
include a fee contracted to be paid to a fiscal agent for financial advice and
services if the contract or agreement therefor shall have been approved by the
board of education and by the authority;
(9) As used in KRS 162.140, "lease" shall have the meaning defined in subsection
(5) of KRS 162.520, and the same shall be recorded or filed for recording in the
office of the county clerk of the county in which the project is situated, as
evidenced by a written receipt or acknowledgment of filing issued by such
clerk, or by a copy of the lease attested or certified by such clerk as being of
record in his office. It shall be the duty of the secretary of the authority to obtain
such evidence before delivery of the bonds to a purchaser thereof; but failure
to obtain the same shall not affect the validity of the bonds in the hands of any
purchaser or holder;
(10) KRS 162.240 shall not apply; and the following provisions shall govern in lieu
thereof:
"One (1) or more depositories and paying agents may be selected and
designated by the board of education, subject to the approval of the authority,
which approval shall not unreasonably be withheld; but each depository and
paying agent shall be a financial institution, within or without the
Commonwealth, which is a member of the Federal Deposit Insurance
Corporation. All deposits of sinking funds and of bond proceeds shall
continuously be secured by a pledge to the authority of direct obligations of the
United States, exclusive of accrued interest, at all times at least equal to the
balance on deposit in the fund or account, such securities to be deposited with
the authority or held by a trustee or agent designated by the authority;
provided, however, in lieu of requiring such security the authority may in its
discretion invest, or cause to be invested and reinvested, any moneys in direct
obligations of the United States until such time as cash funds may be needed,
and the authority may prescribe for the custody and safekeeping of such
securities. When cash funds are needed, the authority shall direct the
conversion into cash of such securities, or a sufficient portion thereof, and may
require that the same be secured until disbursement, as herein provided. All
income from such securities shall accrue to the board of education, but may be
retained by the authority and credited upon any rental obligation of the board of
education under the lease, or applied to supplement bond proceeds if the same
should for any reason turn out to be insufficient to defray the costs and
expenses of the project."
Effective:July 13, 1990
History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 585, effective
July 13, 1990. -- Amended 1986 Ky. Acts ch. 23, sec. 13, effective July 15,
1986. -- Amended 1978 Ky. Acts ch. 384, sec. 293, effective June 17, 1978. -Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 20, sec. 6, effective January 2,
1978. -- Created 1960 Ky. Acts ch. 81, sec. 4, effective June 16, 1960.
]]>
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.
