KRS 162.440: Insurance fund for board of education in a designated city or county

containing a designated city.

(1) The board of education of any designated city or of a county containing a designated

city may, by resolution, establish a fund to be known as the "insurance fund" after

written approval of the plan to administer the fund has been secured from the chief

state school officer. The resolution shall fix the maximum limit of the fund. The

fund shall be maintained separate from the other funds and moneys o f the board,

and shall be used exclusively for replacing or repairing any injury or destruction to

any of the buildings owned by the board or to their contents when caused by fire,

tornado, windstorm, cyclone, casualty, explosion, riot, or flood, but not w hen

caused by wear and tear or the natural processes of decadence or deterioration.

(2) As used in this section, "designated city" means a city classified as a city of the

second class as of January 1, 2014, under the city classification system in effect

prior to January 1, 2015. The Department of Education shall, on or before January

1, 2015, create an official registry listing the cities that qualify as a "designated city"

under this section and shall publish that registry on its Web site.