{"data":{"id":"us-ky/krs-65.940","jurisdiction":"us-ky","citation":"KRS 65.940","heading":"Definitions for KRS 65.942 to 65.956.","body":"As used in KRS 65.942 to 65.956, unless the context otherwise requires:\n(1) \"Acquire\" means to purchase, install, equip, or improve personal property or real\nproperty pursuant to KRS 65.942 to 65.956.\n(2) \"City\" means any municipal corporation of any class  incorporated in the\nCommonwealth.\n(3) \"Construct\" means building reconstruction, replacement, extension, repairing,\nbetterment, development, equipment, embellishment, or improvement.\n(4) \"County\" means a political subdivision of the Commonwealth created a nd\nestablished by the laws of the Commonwealth.\n(5) \"Governmental agency\" means any county, urban -county government, consolidated\nlocal government, city, taxing district, special district, school district, or other\npolitical subdivision of the Commonwealth  or body corporate or politic or any\ninstrumentality of the foregoing.\n(6) \"Governing body\" means the board, council, commission, fiscal court, or other body\nor group that is authorized by law to acquire property for each respective\ngovernmental agency.\n(7) \"Lease\" means a lease, lease -purchase, lease with option to purchase, installment\nsale agreement, or other similar agreement entered into pursuant to KRS 65.942 to\n65.956.\n(8) \"Lease price\" means the total of amounts designated as payments of principal u nder\na lease.\n(9) \"Net interest cost\" means the total of all interest to accrue and fall due through the\nlast payment due date on a lease, plus any discount or minus any premium included\nin the lease price.\n(10) \"Person\" means any individual, corporation, organization, government or\ngovernmental subdivision, or agency, business trust, estate, trust, partnership,\nassociation, and any other legal entity.\n(11) \"Personal property\" means personal property, appliances, equipment, or furnishings,\nor an interest therein, whether movable or fixed, deemed by the governing body of a\ngovernmental agency to be necessary, useful, or appropriate to one (1) or more\npurposes of the governmental agency, but shall not include real property.\n(12) \"Real property\" means land, bui ldings, fixtures, and interests in real property,\ndeemed by the governing body of the governmental agency to be necessary, useful,\nor appropriate to one (1) or more purposes of the governmental agency.\n(13) \"Revenue\" means all funds received by a governmen tal agency which are not taxes,\nincluding but not limited to excises, transfers, service fees, assessments, and\noccupational license fees.\n(14) \"School district\" means any county school district or independent school  district\norganized and existing pursuant to the laws of the Commonwealth.\n(15) \"Special district\" means any agency, authority, or political subdivision of the\nCommonwealth which exercises less than statewide jurisdiction and which is\norganized for the purpose of performing governmental or other prescribed functions\nwithin limited boundaries. It includes all political subdivisions of the\nCommonwealth except a city, county, or school district.\n(16) \"State local debt officer\" means the officer so designated in KRS 66.045.\n(17) \"Taxes\" means taxes properly levied upon real or personal property.\n(18) \"Taxing district\" means any taxing district created under KRS 65.180 to 65.190.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23554","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:23Z","sha256":"481bae87c3d8c14a7bbaff031f6d68b2017da81bb2145abe15c716605a7175d8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.925","next":"us-ky/krs-65.942"},"notice":"GroundRules: Original legal text. Not legal advice."}