KRS 67.475: Amortization of cost under lease terms.

Immediately upon the approval of the plans and specifications, as provided in KRS

67.470, the county shall offer to lease the building for a term of one (1) year from the

time the building is completed and ready for occupancy. The lease by its terms shall give

the lessee the option to extend the lease from year to year for periods of one (1) year until

the original term of the lease has been extended for the total number of years acceptable

to the county buildings commission, not exceeding thirty (30) years at a rental which, if

paid for the original term and for each of the full number of years for which the term is

extended, will amortize the total cost of the erection, remodeling or improvement of the

building and appurtenances, provide an adequate mainte nance fund and, in addition

thereto, a sum sufficient to pay the cost of insuring the building against loss or damage by

fire and windstorm or other calamity in such sum as may be agreed upon by the parties

thereto.