Bonds

Published: 9/2/2014 12:07 PM
This site provides administrative support to the Kentucky school districts with links to the School Facilities Construction Commission Requirements Report and District Debt Service Reports. These reports are used in determining the bonding potential of each school district. This site also provides links to the Bond of Depository and Fidelity Bond forms and instructions for completion and submittal to KDE for approval by the Commissioner of Education.
 
Bond Debt
Under the provisions of KRS 156.070, the Kentucky Board of Education has set regulations governing the issuance of capital construction and renovation bonds and school revenue bonds. KRS 162.080 to 162.300 set forth the methods and authorization for school districts to finance capital construction projects and to issue refunding bonds. 702 KAR 3:020 sets out the factors to be included in determining the level of debt that can be supported by a school district and requires the Commissioner of Education to disapprove the sale of any school revenue bond issue which he deems to be financially unsound. The school districts' Working Budgets, submitted annually, are reviewed under KRS 160.470 to determine that the proper amounts are budgeted for the payment of principal and interest on any revenue bond debt. If the proper amount is not budgeted, a revised budget is required to be submitted.
 
Please refer to the Accounting Guidance for Debt Service on Bonds and Capital Leases document that provides detailed instructions on how to record bond debt service.  This document is located at the following KDE webpage:  http://education.ky.gov/districts/FinRept/Pages/Fund-Balances-and-Receipts-and-Expenditures%20and%20COA.aspx
The District Debt Service Reports listed below consist of each districts’ total annual debt service for 20 years based on the point in time in which the reports were generated.  The dates that the reports were generated are listed in the top left hand corner of the reports.  The districts pay their total annual debt service by using various revenue sources such as building fund, capital outlay, general fund, and/or federal rebates.
 
For more information contact:
Jeffrey Coulter
500 Mero Street, 15th floor CPT
Frankfort, KY 40601
Phone:  502-564-3846 x4459
 
Bond of Depository
Per KRS 160.570 and 702 KAR 3:090, by July 1st of each year it is the duty of each local board of education to bond their depository.   The Bond of Depository form is to be completed and submitted to the KDE for approval by the Commissioner of Education by July 1st.  The Bond of Depository web base form must be completed online at the following link WEBFORM SUBMISSION. To access the SEEK web base form a user name and password must be obtained from your district's Web Administrator.
 
The Bond of Depository Web Base Form Submission Instructions document is listed below.
 
The Bond of Depository Form and Instructions with Examples listed below is being provided as a courtesy to districts to be used for their records only.
 
The district's Bonds of Depository that were approved by KDE and the expiration report are listed below. 
 
 
 
Fidelity (Performance) Bond
Per KRS 160.560 and 702 KAR 3:080, it is the duty of each local board of education to bond their board treasurer and any other school employee who is responsible for board of education funds.
The Fidelity (Performance) Bond information is due to the Kentucky Department of Education by July 1 for approval by the Commissioner of Education.  The Fidelity Bond web base form must be completed online at the following link WEBFORM SUBMISSION.  To access the web base form a user name and password must be obtained from your district's Web Administrator. 
 
The Fidelity Bond Web Base Form Submission Instructions document is listed below.

The Fidelity (Performance) Bond Penal Sum (Exposure Calculation) Spreadsheet listed below is used by local school districts as a tool to determine the bond amount for district employees who handle district funds.
 
The Fidelity Bond Approval Reports listed below consists of the district employees' names that have been bonded and approved by KDE.
 
The Fidelity Bond Form listed below is being provided as a courtesy to districts to be used for their records only.
 
  
For more information contact:
Gail Cox
500 Mero Street, 15th floor CPT
Frankfort, KY 40601
Phone:  502-564-3846 x4462