Before July 1 of each year the cabinet shall fix, upon each public building and upon each class of personal property belonging to or controlled or used by the state or any agency of the state, the rate of premium that the cabinet deems to be the average rate charged by responsible insurance companies doing business in this state for insurance against damage by fire and other hazards upon property of like kind and degree of risk. The premium and insurance shall be calculated upon ninety percent (90%) of the valuation. Before July 1 of each year the cabinet shall certify to the State Treasurer the premium to be charged against each agency of the state.
Effective: July 15, 2010
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Kentucky Statutes 56.090

  • Building: includes any structure or improvement upon real estate of a permanent nature and additionally includes any sites, structures, equipment, machinery, or devices for the purpose of establishing, developing, or furthering television or related services in aid of education or in aid of any other proper public functions, whether or not the same would otherwise be legally defined as buildings. See Kentucky Statutes 56.440
  • Cabinet: means the Finance and Administration Cabinet. See Kentucky Statutes 56.440
  • Personal property: All property that is not real property.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Year: means calendar year. See Kentucky Statutes 446.010

History: Amended 2010 Ky. Acts ch. 24, sec. 42, effective July 15, 2010. — Amended
1982 Ky. Acts ch. 406, sec. 3, effective July 15, 1982. — Amended 1950 Ky. Acts ch.
192, sec. 3. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4636-24, 4636-25.

  Previous section
Next section  
 Chapter 56 Contents