{"data":{"id":"us-ky/krs-160.476","jurisdiction":"us-ky","citation":"KRS 160.476","heading":"School building fund taxes -- Investment -- Expenditures -- Audit.","body":"(1) The board of education of any district may, in addition to other taxes for school\npurposes, levy not less than four cents ($0.04) nor more than twenty cents ($0.20)\non each one hundred dollars ($100) valuation of property subject to local taxation,\nto provide a special fund for the purchase of sites for school buildings and physical\neducation and athletic facilities, for the erection and complete equipping of school\nbuildings and physical education and athletic facilities, and for the major alteration,\nenlargement and complete equipping of existing buildings and physical education\nand athletic facilities, provided, however, that such tax shall come within the\nmaximum school tax levy provided by KRS 160.470. In addition to or in lieu of this\nspecial tax, any board of education may pay into this special fund at the close of any\nfiscal year the proceeds from the sale of land or property no longer needed for\nschool purposes and all or any balances remaining in the general fund over and\nabove the amount necessary for discharging obligations for the fiscal year in full.\n(2) The special fund provided for herein shall be kept in a separate account designated\nas \"school building fund.\" The fund shall be kept in a depository selected by the\nboard of education, or invested in bonds of the United States, of this state, or county\nor municipality in this state, provided, however, that such investments shall be\napproved by the Kentucky Board of Education.\n(3) All expenditures from such fund shall be made solely for the purpos es enumerated\nherein and shall be made in accordance with the school laws of the state at such\ntimes as the board of education determines. The board of education shall cause to be\nmade annually an audit of the building fund by a certified public accountant  or by\nan accountant approved by the State Department of Education.\n(4) Notwithstanding the provisions of any other subsection of this section to the\ncontrary, for the 1966 tax year and for all subsequent years no district board of\neducation shall levy a t ax at a rate under the provisions of this section which\nexceeds the compensating tax rate as defined in KRS 132.010. The chief state\nschool officer shall certify the compensating tax rate to the district board of\neducation.","path":["KRS Chapter 160"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3745","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:08Z","sha256":"6bff6c42cc4a55a30f8c1d2978371130158fe48cafbec2ef538ba7c055cbb5f2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-160.475","next":"us-ky/krs-160.477"},"notice":"GroundRules: Original legal text. Not legal advice."}