KRS 157.611: School Facilities Construction Commission -- Legislative intent.

(1) By establishing the School Facilities Construction Commission, the General

Assembly expresses its commitment to help local districts meet the school

construction needs and t he education technology needs of the state in a manner

which will insure an equitable distribution of funds based on unmet facilities need

and the total implementation of the Kentucky Education Technology System.

(2) The commission is empowered to act on b ehalf of school districts to issue bonds in

the name of the commission and to enter into lease agreements with local boards of

education to finance construction of new facilities, major renovation of existing

school facilities. The commission is also empowered to enter into agreements which

may provide for a percentage discount, on a biennially renewable basis, of annual

lease agreements due the commission for those districts which participate. The

commission is also empowered to enter into lease agreements with the Department

of Education to build state -owned facilities operated by the Department of

Education or to purchase or lease education technology equipment and related

software identified in the technology master plan for those facilities or the

Department of Education.

(3) The commission shall assist local school boards meet their education technology

needs by distributing state funds appropriated for this purpose and by assisting

school boards to design efficient finance plans for the bonding, purcha se or lease of

education technology equipment and related software identified in the technology

master plan.

(4) The commission shall administer two (2) separate programs: the school

construction funding program and the education technology funding program .

Funds appropriated for each program shall be maintained, administered, and audited

separately.

(5) Nothing in KRS 157.611 to 157.640 shall prohibit a school district from issuing

bonds, including general obligation bonds, in accordance with KRS Chapter 6 6 or

162.