{"data":{"id":"us-ky/krs-157.627","jurisdiction":"us-ky","citation":"KRS 157.627","heading":"Requirements for issuance -- Accounting procedure.","body":"In connection with each bond issue of the commission as defined in KRS 157.615(3), it\nshall be the duty of the commission:\n(1) To require the district board of education to insure the project to its full insurable\nvalue, or to the amount of the bonds outstanding from time to time, whichever is the\nless, against the hazards covered by the standard fire insurance policy with standard\nendorsement of \"extended coverage,\" and to require that a copy of each policy be\ndelivered to the commission for inspection and for its records;\n(2) To require periodic accounting from all depositories of funds, the same to be\nsubmitted on forms prepared and supplied by the commission;\n(3) To furnish to the certified public accountant auditing the district, summary\nidentification and description of each issue, and to request that the financial records\nof the board of education relating thereto be audited as a part of the annual audit of\nthe board of education, and that a separate statement or report thereof be filed with\nthe commission;\n(4) To send to each board of education at least thirty (30) days before the due date of\nany debt service or rental payment a notice of the amount of debt service or rental\nto become due and the date thereof, and to require acknowledgment thereof; and\n(5) To receive from the board of education, satisfactory evidence that sufficient funds\nhave been transmitted to the commission or its agent, or will be so transmitted, in\nthe event of the board's failure to pay debt service and administrative costs when\ndue, as provided in the bond or lease, to notify and request that the department\nwithhold from the board of education a sufficient portion of any undisbursed funds\nthen held or set aside or allocated to it, and to request that the department transfer\nthe r equired amount thereof to the commission for the account of the board of\neducation.","path":["KRS Chapter 157"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55078","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:02Z","sha256":"5c08ae9cbe2d481102fc59786ee05180b737fea6187fe4ca193140bb29eb2f64","source_id":"us-ky","stale":false,"prev":"us-ky/krs-157.625","next":"us-ky/krs-157.628"},"notice":"GroundRules: Original legal text. Not legal advice."}