162.590 Duty of department on request of authority.
171 words·~1 min read·
/ky/chapter-162/162-590A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It shall be the duty of the department, upon written request of the authority:
(1)To cause its auditing staff to audit the financial records of a board of education
relating to any identified and described bond issue of the authority, as an incident to
the department's next ensuing annual audit of such board of education, and each
subsequent annual audit thereof; and to provide to the authority a statement or
report thereof;
(2)Upon receiving a notification and request from the authority as described in KRS
162.580, to ascertain whether the lease of the board of education has been renewed
and is in force in accordance with its terms; and if the same is ascertained to be in
force, to withhold from the board of education a sufficient portion of any
undisbursed funds then held or set aside or allocated by the department for the
board of education, and to comply with the terms of the notification and request of
the authority, for the account of said board of education.