{"data":{"id":"us-ky/krs-157.615","jurisdiction":"us-ky","citation":"KRS 157.615","heading":"Definitions for KRS 157.611 to 157.640.","body":"As used in KRS 157.611 to 157.640, unless the context requires otherwise:\n(1) \"Available local revenue\" means the sum of the school building fund account\nbalance; the bonding potential of the capital outlay and building funds; and the\ncapital outlay fund a ccount balance on June 30 of odd -numbered years. These\naccounts shall be as defined in the manual for Kentucky school financial accounting\nsystems;\n(2) \"Board of education\" means the governing body of a county school district or an\nindependent school district;\n(3) \"Bonds\" or \"bonds of the commission\" means bonds issued by the commission, or\nissued by a city, county, or other agency or instrumentality of the Board of\nEducation, in accordance with KRS Chapter 162, payable as to principal and\ninterest from ren tals received from a board of education or from the department\npursuant to a lease or from contributions from the commission, and constitute\nmunicipal bonds exempt from taxation under the Constitution of the\nCommonwealth;\n(4) \"Department\" means the State Department of Education;\n(5) \"District technology plan\" means the plan developed by the local district and the\nDepartment of Education and approved by the Kentucky Board of Education upon\nthe recommendation of the Kentucky Department of Education;\n(6) \"Equivalent tax rate\" means the rate which results when the income from all taxes\nlevied by the district for school purposes is divided by the total assessed value of\nproperty plus the assessment for motor vehicles certified by the Department of\nRevenue as provided by KRS 160.470;\n(7) \"Kentucky Education Technology System\" means the statewide system set forth in\nthe technology master plan issued by the Kentucky Board of Education with the\nrecommendation of the Kentucky Department of Education and approved by the\nLegislative Research Commission;\n(8) \"Lease\" or \"lease instrument\" means a written instrument for the leasing of one (1)\nor more school projects executed by the commission as lessor and a board of\neducation as lessee, or executed by the commission as less or and the department as\nlessee, as the case may be;\n(9) \"Lease/purchase agreement\" means a lease between the school district or the\ndepartment and a vendor that includes an option to purchase the technology\nequipment or software at the end of the lease period;\n(10) \"Percentage discount\" means the degree to which the commission will participate in\nmeeting the bond and interest redemption schedule required to amortize bonds\nissued by the commission on behalf of a local school district;\n(11) \"Project\" means a defined item of need to construct new facilities or to provide\nmajor renovation of existing facilities which is identified on the priority schedule of\nthe approved school facilities plan;\n(12) \"School facilities plan\" means the plan developed pursuant to the survey specified\nby K RS 157.420 and by administrative regulations of the Kentucky Board of\nEducation;\n(13) \"Technology master plan\" means the long -range plan for the implementation of the\nKentucky Education Technology System as developed by the Kentucky Department\nof Education and approved by the Kentucky Board of Education and the Legislative\nResearch Commission;\n(14) \"Unmet facilities need\" means the total cost of new construction and major\nrenovation needs as shown by the approved school facilities plan less any available\nlocal revenue;\n(15) \"Unmet technology need\" means the total cost of technology need as shown by the\napproved technology plan of the local district; and\n(16) \"Eligible district\" means any local school district having an unmet facilities need, as\ndefined in th is section, in excess of one hundred thousand dollars ($100,000) or a\ndistrict qualifying for education technology funding.","path":["KRS Chapter 157"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=58166","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:02Z","sha256":"6d64cb4c9a60425ba0f26824512ad4c3638c882676e34d3cbfc47409f2564f24","source_id":"us-ky","stale":false,"prev":"us-ky/krs-157.611","next":"us-ky/krs-157.617"},"notice":"GroundRules: Original legal text. Not legal advice."}