Kentucky Revised Statutes

Ky. Rev. Stat. § 162.090 (2026)

Issuance and sale of bonds -- Proceeds -- Tax to pay

✓ current as of May 2026

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(1) If two-thirds (2/3) of those voting on the question vote in favor of the proposition, the bonds shall be issued. The bonds shall be designated "school improvement bonds." They shall be placed under the control of the board of education, and the board shall determine when, at what price and how the bonds shall be sold, the date, number of bonds, denomination, whether coupon or registered, the rate of interest, the frequency and place of payment of principal and interest, and other details as desired, embodied in the bonds or in the request providing for their issue. The board shall at once adopt a resolution in conformity therewith. The bonds shall be signed by the chairman and secretary of the board of education. As the bonds are sold, their proceeds shall be placed to the credit of the board of education in a depository designated by the board of education, and shall be kept in a separate account. The depository shall be required to execute proper bond covering the funds.

(2) The board of education of the district shall, in addition to the levy made for the maintenance of schools, levy annually a tax sufficient to raise a sum for the payment of the interest and to create a sinking fund for the payment of the bonds at maturity. The bonds shall be a charge upon the school district. Effective: July 13, 1990 History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 554, effective July 13, 1990. -- Amended 1976 Ky. Acts ch. 127, sec. 21. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4399-47.

Notes of Decisions

Cited in 3 cases, 1949–1953 · leading case: Howard v. Bd. of Ed. of Harlan Ind. Sch. Dist., 223 S.W.2d 721 (Ky. Ct. App. 1949).

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Howard v. Bd. of Ed. of Harlan Ind. Sch. Dist., 223 S.W.2d 721 (Ky. Ct. App. 1949). · cites it 2× “The contention is made that KRS 162.090 gives the *133 Board of Education the right to determine, among other things, the question as to whether or not the bonds should be callable before maturity.”

Bd. of Educ. v. City of Louisville, 258 S.W.2d 707 (Ky. Ct. App. 1953). · cites it 4× “090 can still be applied to Louisville school bonds notwithstanding that the boundaries of the city now extend beyond those of the city school district: It perhaps should be pointed out here that the question of where the' obligation for the bonds falls is important because the…”

Suratt v. Bd. of Edu., 231 S.W.2d 88 (Ky. Ct. App. 1950). “” The ordinance in question provided for the issuance of the bonds in the amount of $1,000 each, and “the same to mature in not exceeding forty years.”

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