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157.640 Successor agency of Kentucky School Building Authority.

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157.640 Successor agency of Kentucky School Building Authority. The School Facilities Construction Commission is the successor agency of the Kentucky <br>School Building Authority created by the 1978 Acts of the General Assembly Chapter <br>153. All powers, duties, obligations, and assets of the Kentucky School Building <br>Authority, including an obligation for only those projects which have been approved for <br>funding or partial funding as of July 1, 1985, and for which funds have been appropriated <br>by the General Assembly as of June 30, 1986, are hereby transferred to the School <br>Facilities Construction Commission. The commission is hereby empowered with all <br>rights of successorship necessary to assure continuance of all legal and contractual <br>functions and liabilities associated with the outstanding bonds issued in the name of the <br>Kentucky School Building Authority and may refund such bonds previously issued in the <br>name of the Kentucky School Building Authority. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 390, effective July 13, 1990. -- Created 1985 (1st Extra. Sess.) Ky. Acts ch. 10, sec. 36, effective <br>October 18, 1985.