162.387 School district finance corporations may lease land for school construction
150 words·~1 min read·
/ky/162-387A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
-- Issuance of bonds.
(1)Notwithstanding any other statute or administrative regulation to the contrary, any
nonprofit finance corporation formed under KRS 162.385 may lease land from any
government entity or agency for the purposes of constructing a school building on
the site. The nonprofit finance corporation shall offer to lease the land for one
year and the lease by its terms shall give the lessee the right and option to extend the
term from year to year, for periods of one
(1)year, for a minimum of fifty
years.
(2)In the event a finance corporation leases property from a governmental agency as set
forth in subsection
(1)of this section, the finance corporation may issue school
building revenue bonds on behalf of a school district in accordance with KRS
162.120 to 162.300 just as if the finance corporation held fee simple title to the
leased property.