162.080 Bond issues for school sites and buildings -- Authorization -- Election. - Kentucky Statutes

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162.080 Bond issues for school sites and buildings -- Authorization -- Election. (1) Whenever a board of education deems it necessary for the proper accommodation of the schools of its district to enlarge sites for school buildings, to purchase new sites,
which in the case of independent districts may be not more than two (2) miles
without the boundary lines of the district, to improve, remodel, or restore school
buildings, to erect or equip new school buildings, or for any or all of these purposes,
and the annual funds raised from other sources are not sufficient to accomplish the
purpose, the board shall make a careful estimate of the amount of money required
for the purpose and shall determine the amount of money for which bonds shall be
issued and the purpose to which the proceeds shall be applied. Upon request of the
board of education of any district, the county clerk shall submit to the qualified
voters of the district, the question as to whether bonds shall be issued for the
purpose. The question shall be so framed that the voter may by his vote answer
"for" or "against." (2) The request shall be accompanied by an ordinance or resolution which shall fix the time the bonds shall run and, if a serial issue, the amount to mature at each time. It
shall limit the rate of interest to be permitted on the bonds, which shall not exceed
the amount permitted by law, and the total amount of bonds to be issued, and shall
provide for the levy of a tax to pay the interest and to create a sinking fund to retire
them at their maturity. (3) The election shall be held not less than fifteen (15) nor more than thirty (30) days from the time the request of the board of education is filed with the county clerk,
and reasonable notice of the election shall be given. The election shall be conducted
and carried out in the school district in all respects as required by the general
election laws, and shall be held by the same officers as required by the general
election laws. The expense of the election shall be borne by the school district. Effective: July 13, 1990
History: Amended 1990 Ky. Acts ch. 48, sec. 86, effective July 13, 1990; and ch. 476, Pt. V, sec. 553, effective July 13, 1990. -- Amended 1976 Ky. Acts ch. 127, sec. 20. -
- Amended 1962 Ky. Acts ch. 180, sec. 1. -- Recodified 1942 Ky. Acts ch. 208,
sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4399-47. Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts Ch. 476, pursuant to
Section 653(1) of Acts Ch. 476.