Kentucky Statutes 197.540 – Irrevocable letter of credit as substitute for performance bond — Protection of state’s interest in continual level of prison beds
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(1) When KRS § 197.510 or any other statute relating to contracting for the private operation of prisons requires a performance bond, an irrevocable letter of credit or a performance bond in a form satisfactory to the Commonwealth may be substituted.
(2) The contract shall also protect the state‘s interest in providing a continual level of prison beds available without a sudden drop in the number of prison beds available or the need to release inmates or provide for their transfer to other facilities.
Effective: July 15, 1998
History: Created 1998 Ky. Acts ch. 606, sec. 95, effective July 15, 1998.
(2) The contract shall also protect the state‘s interest in providing a continual level of prison beds available without a sudden drop in the number of prison beds available or the need to release inmates or provide for their transfer to other facilities.
Terms Used In Kentucky Statutes 197.540
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
Effective: July 15, 1998
History: Created 1998 Ky. Acts ch. 606, sec. 95, effective July 15, 1998.