157.615 Definitions for KRS 157.611 to 157.640.
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<![CDATA[157.615 Definitions for KRS 157.611 to 157.640. As used in KRS 157.611 to 157.640, unless the context requires otherwise: <br>(1) "Available local revenue" means the sum of the school building fund account balance; the bonding potential of the capital outlay and building funds; and the <br>capital outlay fund account balance on June 30 of odd-numbered years. These <br>accounts shall be as defined in the manual for Kentucky school financial accounting <br>systems; (2) "Board of education" means the governing body of a county school district or an independent school district; (3) "Bonds" or "bonds of the commission" means bonds issued by the commission, or issued by a city, county, or other agency or instrumentality of the Board of <br>Education, in accordance with KRS Chapter 162, payable as to principal and <br>interest from rentals received from a board of education or from the department <br>pursuant to a lease or from contributions from the commission, and constitute <br>municipal bonds exempt from taxation under the Constitution of the <br>Commonwealth; (4) "Department" means the State Department of Education; <br>(5) "District technology plan" means the plan developed by the local district and the Department of Education and approved by the Kentucky Board of Education upon <br>the recommendation of the Council for Education Technology; (6) "Equivalent tax rate" means the rate which results when the income from all taxes levied by the district for school purposes is divided by the total assessed value of <br>property plus the assessment for motor vehicles certified by the Department of <br>Revenue as provided by KRS 160.470; (7) "Kentucky Education Technology System" means the statewide system set forth in the technology master plan issued by the Kentucky Board of Education with the <br>recommendation of the Council for Education Technology and approved by the <br>Legislative Research Commission; (8) "Lease" or "lease instrument" means a written instrument for the leasing of one (1) or more school projects executed by the commission as lessor and a board of <br>education as lessee, or executed by the commission as lessor and the department as <br>lessee, as the case may be; (9) "Lease/purchase agreement" means a lease between the school district or the department and a vendor that includes an option to purchase the technology <br>equipment or software at the end of the lease period; (10) "Percentage discount" means the degree to which the commission will participate in meeting the bond and interest redemption schedule required to amortize bonds <br>issued by the commission on behalf of a local school district; (11) "Project" means a defined item of need to construct new facilities or to provide major renovation of existing facilities which is identified on the priority schedule of <br>the approved school facilities plan; (12) "School facilities plan" means the plan developed pursuant to the survey specified by KRS 157.420 and by administrative regulations of the Kentucky Board of <br>Education; (13) "Technology master plan" means the long-range plan for the implementation of the Kentucky Education Technology System as developed by the Council for Education <br>Technology and approved by the Kentucky Board of Education and the Legislative <br>Research Commission; (14) "Unmet facilities need" means the total cost of new construction and major renovation needs as shown by the approved school facilities plan less any available <br>local revenue; (15) "Unmet technology need" means the total cost of technology need as shown by the approved technology plan of the local district; and (16) "Eligible district" means any local school district having an unmet facilities need, as defined in this section, in excess of one hundred thousand dollars ($100,000) or a <br>district qualifying for education technology funding. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 85, sec. 592, effective June 20, 2005. -- Amended 2001 Ky. Acts ch. 165, sec. 1, effective June 21, 2001. -- Amended 1996 Ky. Acts <br>ch. 87, sec. 4; and ch. 362, sec, 6, effective July 15, 1996. -- Amended 1992 Ky. Acts <br>ch. 195, sec. 6, effective April 3, 1992. -- Amended 1990 Ky. Acts ch. 476, Pt. IV, <br>sec. 192, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 213, sec. 1, effective <br>July 15, 1988. -- Created 1985 (1st Extra. Sess.) Ky. Acts ch. 10, sec. 27, effective <br>October 18, 1985. ]]>