Before July 1 of each year the cabinet shall fix, upon each public building and upon each class of personal property belonging to or controlled or used by the state or any agency of the state, the rate of premium that the cabinet deems to be the average ra te charged by responsible insurance companies doing business in this state for insurance against damage by fire and other hazards upon property of like kind and degree of risk. The premium and insurance shall be calculated upon ninety percent (90%) of the valuation. Before July 1 of each year the cabinet shall certify to the State Treasurer the premium to be charged against each agency of the state.
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