In connection with each bond issue of the commission as defined in KRS 157.615(3), it shall be the duty of the commission: (1) To require the district board of education to insure the project to its full insurable value, or to the amount of the bonds outstanding from time to time, whichever is the less, against the hazards covered by the standard fire insurance policy with standard endorsement of "extended coverage," and to require that a copy of each policy be delivered to the commission for inspection and for its records; (2) To require periodic accounting from all depositories of funds, the same to be submitted on forms prepared and supplied by the commission; (3) To furnish to the certified public accountant auditing the district, summary identification and description of each issue, and to request that the financial records of the board of education relating thereto be audited as a part of the annual audit of the board of education, and that a separate statement or report thereof be filed with the commission; (4) To send to each board of education at least thirty (30) days before the due date of any debt service or rental payment a notice of the amount of debt service or rental to become due and the date thereof, and to require acknowledgment thereof; and (5) To receive from the board of education, satisfactory evidence that sufficient funds have been transmitted to the commission or its agent, or will be so transmitted, in the event of the board's failure to pay debt service and administrative costs when due, as provided in the bond or lease, to notify and request that the department withhold from the board of education a sufficient portion of any undisbursed funds then held or set aside or allocated to it, and to request that the department transfer the r equired amount thereof to the commission for the account of the board of education.
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