AN ACT relating to financing of school building projects.

Amend KRS 160.160 to require a board of education in the process of acquiring, constructing, or renovating buildings, improvements, appurtenances, or furnishing and equipment to estimate the cost of the project based on the estimates provided by architects or engineers; require estimated financing and debt service costs for financial commitments to be issued for the project; require bonds, leases, participations, or other financial arrangements to be sold in accordance with the advertising requirements under KRS Chapter 424; amend KRS 162.160 to require the advertisement of bids and allow the contract for construction to begin once the plans and specifications are approved by the board of education and chief state school officer; amend KRS 162.170 to allow bonds to be issued if the plans and specifications have been prepared, filed, and submitted to the appropriate officials as required by KRS 162.160(1) and if authorized by an ordinance.