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157.627 Requirements for issuance -- Accounting procedure.

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157.627 Requirements for issuance -- Accounting procedure. In connection with each bond issue of the commission as defined in KRS 157.615(3), it <br>shall be the duty of the commission: <br>(1) To require the district board of education to insure the project to its full insurable value, or to the amount of the bonds outstanding from time to time, whichever is the <br>less, against the hazards covered by the standard fire insurance policy with standard <br>endorsement of &quot;extended coverage,&quot; and to require that a copy of each policy be <br>delivered to the commission for inspection and for its records; (2) To require periodic accounting from all depositories of funds, the same to be submitted on forms prepared and supplied by the commission; (3) To furnish to the certified public accountant auditing the district, summary identification and description of each issue, and to request that the financial records <br>of the board of education relating thereto be audited as a part of the annual audit of <br>the board of education, and that a separate statement or report thereof be filed with <br>the commission; (4) To send to each board of education at least thirty (30) days before the due date of any rental payment a notice of the amount of rental to become due and the date <br>thereof, and to require acknowledgment thereof; and (5) To receive from the board of education, satisfactory evidence that sufficient funds have been transmitted to the commission or its agent, or will be so transmitted, in <br>the event of the board's failure to pay debt service and administrative costs when <br>due, as provided in the lease, to notify and request that the department withhold <br>from the board of education a sufficient portion of any undisbursed funds then held <br>or set aside or allocated to it, and to request that the department transfer the required <br>amount thereof to the commission for the account of the board of education. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 385, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 213, sec. 4, effective July 15, 1988. -- <br>Created 1985 (1st Extra. Sess.) Ky. Acts ch. 10, sec. 32, effective October 18, 1985.