67.475 Amortization of cost under lease terms. - Kentucky Statutes

Download pdf

Loading PDF...

67.475 Amortization of cost under lease terms. Immediately upon the approval of the plans and specifications, as provided in KRS
67.470, the county shall offer to lease the building for a term of one (1) year from the
time the building is completed and ready for occupancy. The lease by its terms shall give
the lessee the option to extend the lease from year to year for periods of one (1) year until
the original term of the lease has been extended for the total number of years acceptable
to the county buildings commission, not exceeding thirty (30) years at a rental which, if
paid for the original term and for each of the full number of years for which the term is
extended, will amortize the total cost of the erection, remodeling or improvement of the
building and appurtenances, provide an adequate maintenance fund and, in addition
thereto, a sum sufficient to pay the cost of insuring the building against loss or damage by
fire and windstorm or other calamity in such sum as may be agreed upon by the parties
thereto. History: Created 1962 Ky. Acts ch. 224, sec. 6.