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67.475 Amortization of cost under lease terms.

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