Kentucky Statutes 162.385 – School district finance corporation — Definitions — Construction bonds
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(1) Any board of education may obtain buildings for school purposes by proceeding under the provisions of KRS § 162.120 to KRS § 162.290 utilizing a nonprofit finance corporation established pursuant to the provisions of KRS § 273.161 to KRS § 273.390, inclusive, and KRS § 58.180 as an issuing agency for the bonds instead of a city or county. When applied to such boards of education, KRS § 162.120 to KRS § 162.290 shall be so read that the term:
(a) “City” means a finance corporation acting as an agency and instrumentality of the board pursuant to KRS § 58.180;
(b) “City clerk” means the secretary of the finance corporation;
(c) “Governing body of the city” means the board of directors of the finance corporation or other governing body thereof;
(d) “Mayor” means president or chief executive officer of the finance corporation;
and
(e) “Ordinance” means an ordinance, resolution, or trust indenture or a similar document.
(2) In order to promote uniformity in the financing of school facilities, each finance corporation shall include the identity of the school district for which it acts in its title and shall be designated as “………………. School District Finance Corporation.”
(3) Bonds issued by a finance corporation on behalf of a board of education shall constitute “bonds” within the meaning of KRS § 157.615(3) and the School Facilities Construction Commission shall be authorized to assist qualified boards in meeting rental payments due under a lease from the finance corporation to the board which shall constitute a “lease” within the meaning of KRS § 157.615(8).
Effective: April 3, 1992
History: Amended 1992 Ky. Acts ch. 195, sec. 13, effective April 3, 1992. — Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 580, effective July 13, 1990. — Created 1988 Ky. Acts ch. 301, sec. 1, effective April 9, 1988.
(a) “City” means a finance corporation acting as an agency and instrumentality of the board pursuant to KRS § 58.180;
Terms Used In Kentucky Statutes 162.385
- City: includes town. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(b) “City clerk” means the secretary of the finance corporation;
(c) “Governing body of the city” means the board of directors of the finance corporation or other governing body thereof;
(d) “Mayor” means president or chief executive officer of the finance corporation;
and
(e) “Ordinance” means an ordinance, resolution, or trust indenture or a similar document.
(2) In order to promote uniformity in the financing of school facilities, each finance corporation shall include the identity of the school district for which it acts in its title and shall be designated as “………………. School District Finance Corporation.”
(3) Bonds issued by a finance corporation on behalf of a board of education shall constitute “bonds” within the meaning of KRS § 157.615(3) and the School Facilities Construction Commission shall be authorized to assist qualified boards in meeting rental payments due under a lease from the finance corporation to the board which shall constitute a “lease” within the meaning of KRS § 157.615(8).
Effective: April 3, 1992
History: Amended 1992 Ky. Acts ch. 195, sec. 13, effective April 3, 1992. — Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 580, effective July 13, 1990. — Created 1988 Ky. Acts ch. 301, sec. 1, effective April 9, 1988.