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162.140 Lease of building by board of education.

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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 <br>162.130, the board of education shall offer to lease the building for a term of one (1) year <br>from the time the building is completed and ready for occupancy. The lease by its terms <br>shall give the lessee the right and option to extend the term of the lease from year to year, <br>for periods of one (1) year, until the original term of the lease has been extended for a <br>total number of years, acceptable to the city, not exceeding thirty (30) years, at a rental <br>which, if paid for the original term and for each of the full number of years for which the <br>term is extended, will amortize the total cost of the erection of the building and <br>appurtenances, provide an adequate maintenance fund and, in addition thereto, a sum <br>sufficient to pay the cost of insuring the building against loss or damage by fire and <br>windstorm or other calamity in such sum as may be agreed by the parties thereto. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky.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, <br>from Ky. Stat. sec. 4421-3.