{"data":{"id":"us-ky/krs-157.622","jurisdiction":"us-ky","citation":"KRS 157.622","heading":"Assistance to school districts -- Priority order of needs -- Exception --","body":"Reallocation of funds -- Disposition of bond savings and refinancing savings.\nThe School Facilities Construction Commission shall be governed by the following\nprocedures in providing assistance to school districts for construction purposes:\n(1) Upon receipt of the certified statements from the Kentucky Board of Education as\nrequired by KRS 157.620, the commission shall compute the unmet needs of all\neligible districts as defined by KRS 157.615;\n(2) Assistance to each eligible district shall be determined by computing the ratio of the\navailable state funding to total unmet need statewide. Based on the computed ratio,\nan equivalent percentage of each eligible district's unmet need will be funded;\n(3) Each eligible district which has otherwise complied with the provisions of KRS\n157.615 and 157.620 shall be offered sufficient funding to finance construction of\nthe portion of its unmet need computed by applying the ratio determine d in\nsubsection (2) of this section to the total unmet need of the district. The funds shall\nbe applied to the projects listed on the most current facility plan approved by the\nKentucky Board of Education, and the funds shall be applied to projects in the\npriority order listed on the plan. Exceptions to the priority order of projects may be\napproved by the School Facilities Construction Commission when it is documented\nby the local board of education and approved by the Kentucky Board of Education\nupon the recommendation of the chief state school officer that the school district's\npriority order of needs has changed. The exceptions shall not alter the amount of the\noffer of assistance;\n(4) The commission shall promulgate administrative regulations whereby an  eligible\ndistrict which fails in any budget period to receive an allocation of state funds that\nis sufficient to fund the district's priority project or portions thereof may accumulate\ncredit, subject to the availability of funds, for its unused state allocation for a period\nnot to exceed eight (8) years. Accumulation and retention of credit is contingent\nupon the transfer of available local revenue to the restricted construction account by\nJune 30 of each year;\n(5) Except as provided in subsection (6) of this section, all unused state allocations\naccumulated according to the provisions of subsection (3) of this section shall be\nreallocated by the commission. The reallocation shall follow the process and intent\nas set forth in this section with eligible dis tricts being those districts which\ncontribute unused state allocations to the reallocation account. Any district which\nhas an unused state allocation after funding its first priority project in a biennium is\nnot eligible for consideration for additional fu nds from the reallocation account.\nAny funding received and utilized from the reallocation account by a district shall\nequally reduce the credit as set forth in this section; and\n(6) Refinancing savings that have occurred since July 1, 1997, and subsequent  savings\nto the commission generated over the life of a bond by the local district's\nrefinancing of the bond shall be dedicated to the district's account by the\ncommission. Any funds accumulated in this account shall be used toward the\ndistrict's next prio rity, but shall not be deducted from the district's share of\ncommission funds under subsection (3) of this section.","path":["KRS Chapter 157"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3353","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:02Z","sha256":"844bf77504c197e712bec2c9623a0355690ac6ca9ff8887a31e9f010a157ccc4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-157.621","next":"us-ky/krs-157.623"},"notice":"GroundRules: Original legal text. Not legal advice."}