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162.580 Duty of authority as to each bond issue.

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162.580 Duty of authority as to each bond issue. In connection with each bond issue of the authority, it shall be the duty of the authority: <br>(1) To require the 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 less, <br>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 authority 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 authority; (3) To furnish to the auditing staff of the department a summary identification and description of each issue, and to request that the financial records of the board of <br>education relating thereto be audited as a part of the annual audit of the board of <br>education, and that a separate statement or report thereof be filed with the authority; (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; (5) In the event of failure to receive from the board of education satisfactory evidence that sufficient funds have been transmitted to the authority, or will be so <br>transmitted, for paying bond principal and/or interest when due, as provided in the <br>lease, to notify and request that the department withhold from the board of <br>education a sufficient portion of any undisbursed funds then held or set aside or <br>allocated to it, and to request that the department transfer the required amount <br>thereof to the authority 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History: Repealed and reenacted 1990 Ky.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. 587, effective July 13, 1990. -- Created 1960 Ky. Acts ch. 81, sec. 8, effective June 16, 1960.