162.140 Lease of building by board of education. - Kentucky Statutes

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162.140 Lease of building by board of education. Immediately upon the approval of the plans and specifications as provided in KRS
162.130, the board of education 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 right and option to extend the term of the lease from year to year,
for periods of one (1) year, until the original term of the lease has been extended for a
total number of years, acceptable to the city, 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 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 by the parties thereto. Effective: July 13, 1990
History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 556, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942,
from Ky. Stat. sec. 4421-3.