157.628 Reimbursement for bonds previously issued.

130 words·~1 min read·/ky/chapter-157/157-628

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

(1)A school district which has issued revenue bonds according to the provisions of

KRS Chapter 162 shall be eligible to participate in a reimbursement schedule if all

of the following conditions are met:

(a)The district met all criteria for first round financing except that the district had

no unmet needs on its facility survey in effect at that time;

(b)An amended facility survey, approved prior to June 30, 1986, is on file with

the Department of Education; and

(c)Revenue bonds were issued after January 1, 1986, and prior to January 1,

1987.

(2)Annual reimbursement shall be provided for bond debt service equal to the amount

to which the district would have been entitled if the facility survey had been

updated prior to first round funding.