160.550 Expenditure of funds in excess of income and revenue of any year. - Kentucky Statutes

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160.550 Expenditure of funds in excess of income and revenue of any year. (1) No superintendent shall recommend and no board member shall knowingly vote for an expenditure in excess of the income and revenue of any year, as shown by the
budget adopted by the board and approved by the Kentucky Board of Education,
except for a purpose for which bonds have been voted or in case of an emergency
declared by the Kentucky Board of Education. (2) Any school district having authorized an expenditure in violation of subsection (1) of this section may be so certified at any time by the Kentucky Board of Education.
A district so certified shall thereafter, any contrary statutory provisions
notwithstanding, make no expenditure of money, give no authorization involving
the expenditure of money, and make no employment, purchase, or contract, unless
the chief state school officer has approved in writing, as fiscally sound and
necessary, the expenditure, authorization, employment, purchase, or contract. Any
expenditure, authorization, employment, purchase, or contract made in violation of
this subsection shall be void. (3) Any school district subject to the provisions of subsection (2) of this section shall so remain until such time as the Kentucky Board of Education has approved, in
conformity with KRS 160.470, a budget for the district for a succeeding fiscal year. (4) In addition to the penalties set forth in KRS 160.990, any person who knowingly expends or authorizes the expenditure of school district funds or who knowingly
authorizes or executes any employment, purchase, or contract, in violation of this
section, shall be jointly and severably liable in person and upon any official bond he
has given to such district to the extent of any payments on the void claim. For
purposes of this section, "knowingly" shall mean a person acts with respect to
conduct or to a circumstance described by a statute defining an offense when he is
aware that his conduct is of that nature or that the circumstance exists. Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 362, sec. 6, effective July 15, 1996. -- Amended 1990 Ky. Acts ch. 476, Pt. IV, sec. 234, effective July 13, 1990. -- Amended 1982
Ky. Acts ch. 92, sec. 1, effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 155,
sec. 82, effective June 17, 1978. -- Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. sec. 4399-45.