160.476 School building fund taxes -- Investment -- Expenditures -- Audit. - Kentucky Statutes

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160.476 School building fund taxes -- Investment -- Expenditures -- Audit. (1) The board of education of any district may, in addition to other taxes for school purposes, levy not less than four cents ($0.04) nor more than twenty cents ($0.20)
on each one hundred dollars ($100) valuation of property subject to local taxation,
to provide a special fund for the purchase of sites for school buildings and physical
education and athletic facilities, for the erection and complete equipping of school
buildings and physical education and athletic facilities, and for the major alteration,
enlargement and complete equipping of existing buildings and physical education
and athletic facilities, provided, however, that such tax shall come within the
maximum school tax levy provided by KRS 160.470. In addition to or in lieu of this
special tax, any board of education may pay into this special fund at the close of any
fiscal year the proceeds from the sale of land or property no longer needed for
school purposes and all or any balances remaining in the general fund over and
above the amount necessary for discharging obligations for the fiscal year in full. (2) The special fund provided for herein shall be kept in a separate account designated as "school building fund." The fund shall be kept in a depository selected by the
board of education, or invested in bonds of the United States, of this state, or county
or municipality in this state, provided, however, that such investments shall be
approved by the Kentucky Board of Education. (3) All expenditures from such fund shall be made solely for the purposes enumerated herein and shall be made in accordance with the school laws of the state at such
times as the board of education determines. The board of education shall cause to be
made annually an audit of the building fund by a certified public accountant or by
an accountant approved by the State Department of Education. (4) Notwithstanding the provisions of any other subsection of this section to the contrary, for the 1966 tax year and for all subsequent years no district board of
education shall levy a tax at a rate under the provisions of this section which
exceeds the compensating tax rate as defined in KRS 132.010. The chief state
school officer shall certify the compensating tax rate to the district board of
education. History: Amended 1996 Ky. Acts ch. 362, sec. 6, effective July 15, 1996. -- Amended 1990 Ky. Acts ch. 476, Pt. III, sec. 112, effective July 13, 1990. -- Amended 1978
Ky. Acts ch. 155, sec. 82, effective June 17, 1978. -- Amended 1976 Ky. Acts
ch. 127, sec. 4. -- Amended 1965 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 4. -- Created
1946 Ky. Acts ch. 36, sec. 1(3).