157.615 Definitions for KRS 157.611 to 157.640.

284 words·~1 min read·/ky/chapter-157/157-615

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in KRS 157.611 to 157.640, unless the context requires otherwise:

(1)"Available local revenue" means the sum of the school building fund account

balance; the bonding potential of the capital outlay and building funds; and the

capital outlay fund account balance on June 30 of odd-numbered years. These

accounts shall be as defined in the manual for Kentucky school financial accounting

systems;

(2)"Board of education" means the governing body of a county school district or an

independent school district;

(3)"Bonds" or "bonds of the commission" means bonds issued by the commission, or

issued by a city, county, or other agency or instrumentality of the Board of

Education, in accordance with KRS Chapter 162, payable as to principal and

interest from rentals received from a board of education or from the department

pursuant to a lease or from contributions from the commission, and constitute

municipal bonds exempt from taxation under the Constitution of the

Commonwealth;

(4)"Department" means the State Department of Education;

(5)"District technology plan" means the plan developed by the local district and the

Department of Education and approved by the Kentucky Board of Education upon

the recommendation of the Council for Education Technology;

(6)"Equivalent tax rate" means the rate which results when the income from all taxes

levied by the district for school purposes is divided by the total assessed value of

property plus the assessment for motor vehicles certified by the Department of

Revenue as provided by KRS 160.470;

(7)"Kentucky Education Technology System" means the statewide system set forth in

the technology master plan issued by the Kentucky Board of Education with the

recommendation of the Council for Education Technology and approved by the