Summary of Original Version

Create a new section of KRS Chapter 162 to allow school districts to issue general obligation bonds and obtain bank loans; amend KRS 160.160 require the approval of the Department of Education prior to a school district obtaining a bank loan or issuing general obligation bonds; require general obligation bonds to be entered into through advertising or competitive bidding; provide for the department to intercept funds for a payment due on a general obligation bond; make conforming amendments.

Summary of Amendment: House Committee Substitute 1

Summary Retain original provisions; remove bank loan language throughout; amend KRS 66.011 to remove the exclusion of school districts from the definition of taxing district.

Summary of Amendment: House Floor Amendment 1 -- R. Duvall

Summary Amend to add language to suspend the requirement for prior approval for a local board to commence the funding, financing, design, construction, renovation, or modification of district facilities until June 30, 2027; require a local board to continue to submit BG-1 Project Application forms; ensure the Department of Education shall continue to have authority to intercede on bond payments; until June 30, 2027, provide for an expedited process for approval of district facility plans and the acquisition and disposal or property; require the department to provide assistance to districts upon request concerning facilities and properties procedures; ensure current applications are governed by the sections; include extracurricular facilities as facilities covered by the Act; declare that nothing in specified sections waive prior approval of ESSER funds or other federal funds for which federal law requires state authorization.

Summary of Amendment: House Floor Amendment 2 -- M. Meredith

Summary Amend to authorize the general issuance of bonds, provide for the issuance of bonds through KRS Chapter 66, and make technical changes.

Summary of Amendment: House Floor Amendment 3 -- M. Meredith

Summary Amend to authorize the general issuance of bonds, provide for the issuance of bonds through KRS Chapter 66, remove a requirement that the bond issue be approved by the Kentucky Department of Education, and make technical changes.

Statutes affected:
Introduced: 157.611, 160.160, 157.627
Acts Chapter 126: 157.611, 160.160, 157.627, 66.011
House Committee Substitute 1: 157.611, 160.160, 157.627, 66.011
Current/Final: 157.611, 160.160, 157.627, 66.011
Current: 157.611, 160.160, 157.627, 66.011