KRS § 157.615 — KY Code / Title XIII / Chapter 157 / Section 157.615
157.615 Definitions for KRS 157.611 to 157.640
Status: in_force

157.615 Definitions for KRS 157.611 to 157.640.

As used in KRS 157.611 to 157.640, unless the context requires otherwise:

(1) "Available local revenue" means the sum of the school building fund account

balance; the bonding potential of the capital outlay and building funds; and the

capital outlay fund account balance on June 30 of odd-numbered years. These

accounts shall be as defined in the manual for Kentucky school financial accounting

systems;

(2) "Board of education" means the governing body of a county school district or an

independent school district;

(3) "Bonds" or "bonds of the commission" means bonds issued by the commission, or

issued by a city, county, or other agency or instrumentality of the Board of

Education, in accordance with KRS Chapter 162, payable as to principal and

interest from rentals received from a board of education or from the department

pursuant to a lease or from contributions from the commission, and constitute

municipal bonds exempt from taxation under the Constitution of the

Commonwealth;

(4) "Department" means the State Department of Education;

(5) "District technology plan" means the plan developed by the local district and the

Department of Education and approved by the Kentucky Board of Education upon

the recommendation of the Council for Education Technology;

(6) "Equivalent tax rate" means the rate which results when the income from all taxes

levied by the district for school purposes is divided by the total assessed value of

property plus the assessment for motor vehicles certified by the Department of

Revenue as provided by KRS 160.470;

(7) "Kentucky Education Technology System" means the statewide system set forth in

the technology master plan issued by the Kentucky Board of Education with the

recommendation of the Council for Education Technology and approved by the

Legislative Research Commission;

(8) "Lease" or "lease instrument" means a written instrument for the leasing of one (1)

or more school projects executed by the commission as lessor and a board of

education as lessee, or executed by the commission as lessor and the department as

lessee, as the case may be;

(9) "Lease/purchase agreement" means a lease between the school district or the

department and a vendor that includes an option to purchase the technology

equipment or software at the end of the lease period;

(10) "Percentage discount" means the degree to which the commission will participate in

meeting the bond and interest redemption schedule required to amortize bonds

issued by the commission on behalf of a local school district;

(11) "Project" means a defined item of need to construct new facilities or to provide

major renovation of existing facilities which is identified on the priority schedule of

the approved school facilities plan;

(12) "School facilities plan" means the plan developed pursuant to the survey specified

by KRS 157.420 and by administrative regulations of the Kentucky Board of

Education;

(13) "Technology master plan" means the long-range plan for the implementation of the

Kentucky Education Technology System as developed by the Council for Education

Technology and approved by the Kentucky Board of Education and the Legislative

Research Commission;

(14) "Unmet facilities need" means the total cost of new construction and major

renovation needs as shown by the approved school facilities plan less any available

local revenue;

(15) "Unmet technology need" means the total cost of technology need as shown by the

approved technology plan of the local district; and

(16) "Eligible district" means any local school district having an unmet facilities need, as

defined in this section, in excess of one hundred thousand dollars ($100,000) or a

district qualifying for education technology funding.