{"data":{"id":"us-ky/krs-162.385","jurisdiction":"us-ky","citation":"KRS 162.385","heading":"School district finance corporation -- Definitions -- Construction bonds.","body":"(1) Any board of education may obtain buildings for school purposes by proceeding\nunder the provisions of KRS 162.120 to 162.290 utilizing a nonprofit finance\ncorporation established pursuant to the provisions of KRS 273.161 to 273.390,\ninclusive, and KRS 58.180 as an issuing agency for the bonds instead of a city or\ncounty. When applied to such boards of education, KRS 162.120 to 162.290 shall\nbe so read that the term:\n(a) \"City\" means a finance corporation acting as an agency and instrumentality of\nthe board pursuant to KRS 58.180;\n(b) \"City clerk\" means the secretary of the finance corporation;\n(c) \"Governing body of the city\" means the board of directors of the finance\ncorporation or other governing body thereof;\n(d) \"Mayor\" means president or chief executive officer of the finance corporation;\nand\n(e) \"Ordinance\" means an ordinance, resolution, or trust indenture or a similar\ndocument.\n(2) In order to promote uniformity in the financing of school facilities, each finance\ncorporation shall include the ide ntity of the school district for which it acts in its\ntitle and shall be designated as \"................... School District Finance Corporation.\"\n(3) Bonds issued by a finance corporation on behalf of a board of education shall\nconstitute \"bonds\" within the meaning of KRS 157.615(3) and the School Facilities\nConstruction Commission shall be authorized to assist qualified boards in meeting\nrental payments due under a lease from the finance corporation to the board which\nshall constitute a \"lease\" within the meaning of KRS 157.615(8).","path":["KRS Chapter 162"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4066","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:12Z","sha256":"66b3705f3c873ee1685a760d8ac6cdb0868994f72fc6e6262b7ea1c60beb4ee7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-162.380","next":"us-ky/krs-162.387"},"notice":"GroundRules: Original legal text. Not legal advice."}