Find Legal Information

162.387 School district finance corporations may lease land for school construction -- Issuance of bonds.

Download pdf

Page 1 of 1 162.387 School district finance corporations may lease land for school construction -- Issuance of bonds. (1) Notwithstanding any other statute or administrative regulation to the contrary, any nonprofit finance corporation formed under KRS 162.385 may lease land from any <br>government entity or agency for the purposes of constructing a school building on <br>the site. The nonprofit finance corporation shall offer to lease the land for one (1) <br>year and the lease by its terms shall give the lessee the right and option to extend the <br>term from year to year, for periods of one (1) year, for a minimum of fifty (50) <br>years. (2) In the event a finance corporation leases property from a governmental agency as set forth in subsection (1) of this section, the finance corporation may issue school <br>building revenue bonds on behalf of a school district in accordance with KRS <br>162.120 to 162.300 just as if the finance corporation held fee simple title to the <br>leased property. Effective: July 15, 2010 <br>History: Created 2010 Ky. Acts ch. 69, sec. 1, effective July 15, 2010.