Kentucky Statutes 162.520 – Definitions for KRS 162.520 to 162.620
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As used in KRS § 162.520 to KRS § 162.620, the following terms and words have the following respective meanings, unless another meaning is clearly indicated by the context:
(1) As used in KRS § 162.540, 162.550, 162.580, 162.590, 162.600, and 162.620 “authority” means “State Property and Buildings Commission;”
(2) “Department” means the State Department of Education;
(3) “Board of education” means the governing body of a county school district, or of an independent school district, for which the authority issues its revenue bonds pursuant to KRS § 162.520 to KRS § 162.620;
(4) “Project” means any undertaking to provide for a board of education any school buildings, facilities, improvements, and appurtenances authorized in KRS § 162.120 to KRS § 162.300;
(5) “Lease” or “lease instrument” means a written instrument for the leasing of one (1) or more school projects executed by the authority as lessor and a board of education as lessee, conforming to the specifications set forth in KRS § 162.140;
(6) “Bonds” or “bonds of the authority” means bonds issued by the authority under KRS
162.520 to 162.620, payable as to principal and interest solely from rentals received from a board of education pursuant to a lease.
Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 87, sec. 6, effective July 15, 1996. — Amended
1990 Ky. Acts ch. 476, Pt. IV, sec. 260, effective July 13, 1990. — Amended 1964
Ky. Acts ch. 7, sec. 9. — Created 1960 Ky. Acts ch. 81, sec. 2.
(1) As used in KRS § 162.540, 162.550, 162.580, 162.590, 162.600, and 162.620 “authority” means “State Property and Buildings Commission;”
Terms Used In Kentucky Statutes 162.520
- 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
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(2) “Department” means the State Department of Education;
(3) “Board of education” means the governing body of a county school district, or of an independent school district, for which the authority issues its revenue bonds pursuant to KRS § 162.520 to KRS § 162.620;
(4) “Project” means any undertaking to provide for a board of education any school buildings, facilities, improvements, and appurtenances authorized in KRS § 162.120 to KRS § 162.300;
(5) “Lease” or “lease instrument” means a written instrument for the leasing of one (1) or more school projects executed by the authority as lessor and a board of education as lessee, conforming to the specifications set forth in KRS § 162.140;
(6) “Bonds” or “bonds of the authority” means bonds issued by the authority under KRS
162.520 to 162.620, payable as to principal and interest solely from rentals received from a board of education pursuant to a lease.
Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 87, sec. 6, effective July 15, 1996. — Amended
1990 Ky. Acts ch. 476, Pt. IV, sec. 260, effective July 13, 1990. — Amended 1964
Ky. Acts ch. 7, sec. 9. — Created 1960 Ky. Acts ch. 81, sec. 2.