(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 government entity or agency for the purposes of constructing a school building on the site. The nonprofit finance corporation shall offer to lease the land for one (1) year and the lease by its terms shall give the lessee the right and option to extend the term from year to year, for periods of one (1) year, for a minimum of fifty (50) 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 building revenue bonds on behalf of a school district in accordance with KRS

Terms Used In Kentucky Statutes 162.387

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Statute: A law passed by a legislature.
  • Year: means calendar year. See Kentucky Statutes 446.010

162.120 to 162.300 just as if the finance corporation held fee simple title to the leased property.
Effective: July 15, 2010
History: Created 2010 Ky. Acts ch. 69, sec. 1, effective July 15, 2010.

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