{"data":{"id":"us-ky/krs-96.536","jurisdiction":"us-ky","citation":"KRS 96.536","heading":"City owned light, water, or gas plant may pay tax equivalent to school","body":"district.\n(1) Each board of education of a public school district in which is located the property\nor properties of a publicly-owned light, water, or gas plant may each year be paid by\nthe governing board of the plant from the proceeds of the sale of electrical energy,\nwater, or gas an amount which shall not exceed that determined by multiplying the\nbook value of the property or properties of the publicly -owned light, water, or gas\nplant as of the beginning of each year by the current tax rate levied for school\npurposes for the school district in which the property or properties may be located.\n\"Book value,\" as used in this section, means the cost of tangible property plus\nadditions, extensions, and betterments, less reasonable depreciation or retirement\nreserve, and \"year\" as herein used shall mean the twelve (12) month period ending\nJune 30. The book value so determined shall be in accordance with standard\naccounting practices. No pa yment may be made under this section except pursuant\nto a resolution of the governing board of the plant, adopted by a unanimous vote of\nthe members of the board.\n(2) Amounts for any year, as provided in subsection (1) of this section, shall be paid to\nthe board of education on or before January 1 of each year.\n(3) This section shall not apply to any publicly owned electric plant that is subject to\nthe provisions of KRS 96.820.\n(4) This section shall be construed only as an enabling act and shall in no way confer\nupon any board of education of a public school district authority to require this\nmoney to be paid to it.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26247","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:58Z","sha256":"0e3249af8f1546ceb982bf0dc400d501baac96a710511d595077c9a692b5ebdd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.535","next":"us-ky/krs-96.537"},"notice":"GroundRules: Original legal text. Not legal advice."}