{"data":{"id":"us-ky/krs-162.387","jurisdiction":"us-ky","citation":"KRS 162.387","heading":"School district finance corporations may lease land for school construction","body":"-- Issuance of bonds.\n(1) Notwithstanding any other statute or administrative regulation to the contrary, any\nnonprofit finance corporation formed under KRS 162.385 may lease land from any\ngovernment entity or agency for the purposes of constructing a school building on\nthe site. The nonprofit finance corporation shall offer to lease the land for one (1)\nyear and the lease by its terms shall give the lessee the right and option to extend the\nterm from year to year, for periods of one (1) year, for a minimum of fifty (50)\nyears.\n(2) In the event a finance corporation leases property from a governmental agency as set\nforth in subsection (1) of this section, the finance corporation  may issue school\nbuilding revenue bonds on behalf of a school district in accordance with KRS\n162.120 to 162.300 just as if the finance corporation held fee simple title to the\nleased property.","path":["KRS Chapter 162"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4067","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:12Z","sha256":"01fa1355e10aef0b88b62d6c1c81c3ec0f8491614b7e139bc559a4344602be14","source_id":"us-ky","stale":false,"prev":"us-ky/krs-162.385","next":"us-ky/krs-162.390"},"notice":"GroundRules: Original legal text. Not legal advice."}