2014 Kentucky Revised Statutes CHAPTER 96 - UTILITIES IN CITIES 96.536 City owned light, water, or gas plant may pay tax equivalent to school district.
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96.536 City owned light, water, or gas plant may pay tax equivalent to school
district.
(1)
(2)
(3)
(4)
Each board of education of a public school district in which is located the
property or properties of a publicly-owned light, water, or gas plant may each
year be paid by the governing board of the plant from the proceeds of the sale
of electrical energy, water, or gas an amount which shall not exceed that
determined by multiplying the book value of the property or properties of the
publicly-owned light, water, or gas plant as of the beginning of each year by the
current tax rate levied for school purposes for the school district in which the
property or properties may be located. "Book value," as used in this section,
means the cost of tangible property plus additions, extensions, and
betterments, less reasonable depreciation or retirement reserve, and "year" as
herein used shall mean the twelve (12) month period ending June 30. The
book value so determined shall be in accordance with standard accounting
practices. No payment may be made under this section except pursuant to a
resolution of the governing board of the plant, adopted by a unanimous vote of
the members of the board.
Amounts for any year, as provided in subsection (1) of this section, shall be
paid to the board of education on or before January 1 of each year.
This section shall not apply to any publicly owned electric plant that is subject
to the provisions of KRS 96.820.
This section shall be construed only as an enabling act and shall in no way
confer upon any board of education of a public school district authority to
require this money to be paid to it.
Effective:July 13, 1990
History: Amended 1990 Ky. Acts ch. 476, Pt. IV, sec. 123, effective July 13, 1990.
-- Created 1948 Ky. Acts ch. 54, sec. 1.
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