Kentucky Statutes 175B.025 – Powers and duties of developing authority and issuing authority — Project development restrictions
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(1) The developing authority and issuing authority may be the same authority or separate authorities, depending on the needs of the project. The developing authority and issuing authority shall have the following powers and duties, as necessary to complete, operate, and maintain the project, subject to the limitations provided in KRS § 175B.020(10):
(a) To enter into agreements as necessary to facilitate the development, construction, maintenance, operation, repair, or financing of projects;
(b) To directly or indirectly construct, reconstruct, maintain, repair, operate, and regulate projects within the Commonwealth, or contract with another entity for these services;
(c) To issue project revenue bonds of the issuing authority payable solely from the tolls, revenues, rentals, funds from any grant anticipation revenue vehicle (GARVEE), funds appropriated by the state or federal government, and any other funds pledged for their payment, for the purpose of paying all or any cost of a project, and to refund any of its bonds;
(d) 1. To fix, revise, charge, and collect tolls for transit over any project constructed by it, and for any ancillary or connector routes affected by the project.
2. No tolls shall be authorized by any developing or issuing authority as a part of any development agreement or any financial plan for:
a. Any project involving the federal interstate highway system that connects the Commonwealth with the State of Ohio; or
b. Any project constituting a fully or partially controlled highway, whether or not involving the federal interstate highway system, that connects the Commonwealth with the State of Ohio, including but not limited to a qualifying highway that constitutes a bypass of a major metropolitan area;
(e) To establish and enforce rules and regulations for the use of a project;
(f) To acquire and hold any of the following in the name of the developing authority, and to dispose of them as the developing authority deems necessary:
1. Real and personal property, including lands and structures;
2. Rights;
3. Rights-of-way;
4. Franchises;
5. Easements and other interests in lands, including lands lying under water and riparian rights; and
6. Any other item or asset necessary to accomplish its mission;
(g) To designate the locations and establish, limit, and control points of access to the project, and to prohibit access to the project from any undesignated point;
(h) To make and enter into contracts and agreements in the performance of duties and the execution of powers under this chapter;
(i) To employ any consultants and to fix their compensation;
(j) To receive and accept contributions and grants from any source for or in aid of the construction of a project or the operation of the developing or issuing authority;
(k) To accept interest rate subsidies, rebates, tax credits, or guarantees as provided in the American Recovery and Reinvestment Act of 2009, or as may be provided in subsequent federal legislation providing support to or credit enhancement of governmental obligations;
(l) To expend any funds provided under this chapter in advertising the facilities and services of a project to the traveling public;
(m) To enter into lease agreements with the department; and
(n) To do acts necessary or convenient to carry out the powers expressly granted in this chapter.
(2) Projects may be developed in conjunction with other road development efforts of the Commonwealth that are in compliance with Federal Highway Administration requirements.
(3) Projects developed pursuant to this chapter shall:
(a) Comply with the requirements of KRS Chapters 45A, 174, and 176;
(b) Be included in the most recently enacted biennial highway construction plan; and
(c) Comply with all relevant requirements of the Federal Highway
Administration.
Effective:April 8, 2016
History: Amended 2016 Ky. Acts ch. 67, sec. 14, effective April 8, 2016. — Created
2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 79, effective June 26, 2009.
(a) To enter into agreements as necessary to facilitate the development, construction, maintenance, operation, repair, or financing of projects;
Terms Used In Kentucky Statutes 175B.025
- Authority: means the state authority, or a bi-state authority, or a project authority, unless the specific use requires that it apply only to the state authority, or a bi-state authority, or a project authority. See Kentucky Statutes 175B.010
- Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 175B.010
- Contract: A legal written agreement that becomes binding when signed.
- Cost: means :
(a) The cost of construction of the project, including the acquisition of land, rights-of-way, property, rights in land, easements, and interests acquired by the authority for construction of a project. See Kentucky Statutes 175B.010 - Department: means the Department of Highways. See Kentucky Statutes 175B.010
- Developing authority: means the authority involved in the development of a project. See Kentucky Statutes 175B.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Issuing authority: means the authority that will issue or has issued debt associated with a project. See Kentucky Statutes 175B.010
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Project: includes all bridges, tollhouses, garages, and other buildings and facilities which the authority deems necessary for the operation of the project, together with all property, rights, easements, and interests which may be acquired by the authority or by the Commonwealth for the construction and operation of a project. See Kentucky Statutes 175B.010
- Project revenue bonds: means revenue funding bonds, revenue refunding bonds, notes, or other financial obligations issued under this chapter by the issuing authority. See Kentucky Statutes 175B.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) To directly or indirectly construct, reconstruct, maintain, repair, operate, and regulate projects within the Commonwealth, or contract with another entity for these services;
(c) To issue project revenue bonds of the issuing authority payable solely from the tolls, revenues, rentals, funds from any grant anticipation revenue vehicle (GARVEE), funds appropriated by the state or federal government, and any other funds pledged for their payment, for the purpose of paying all or any cost of a project, and to refund any of its bonds;
(d) 1. To fix, revise, charge, and collect tolls for transit over any project constructed by it, and for any ancillary or connector routes affected by the project.
2. No tolls shall be authorized by any developing or issuing authority as a part of any development agreement or any financial plan for:
a. Any project involving the federal interstate highway system that connects the Commonwealth with the State of Ohio; or
b. Any project constituting a fully or partially controlled highway, whether or not involving the federal interstate highway system, that connects the Commonwealth with the State of Ohio, including but not limited to a qualifying highway that constitutes a bypass of a major metropolitan area;
(e) To establish and enforce rules and regulations for the use of a project;
(f) To acquire and hold any of the following in the name of the developing authority, and to dispose of them as the developing authority deems necessary:
1. Real and personal property, including lands and structures;
2. Rights;
3. Rights-of-way;
4. Franchises;
5. Easements and other interests in lands, including lands lying under water and riparian rights; and
6. Any other item or asset necessary to accomplish its mission;
(g) To designate the locations and establish, limit, and control points of access to the project, and to prohibit access to the project from any undesignated point;
(h) To make and enter into contracts and agreements in the performance of duties and the execution of powers under this chapter;
(i) To employ any consultants and to fix their compensation;
(j) To receive and accept contributions and grants from any source for or in aid of the construction of a project or the operation of the developing or issuing authority;
(k) To accept interest rate subsidies, rebates, tax credits, or guarantees as provided in the American Recovery and Reinvestment Act of 2009, or as may be provided in subsequent federal legislation providing support to or credit enhancement of governmental obligations;
(l) To expend any funds provided under this chapter in advertising the facilities and services of a project to the traveling public;
(m) To enter into lease agreements with the department; and
(n) To do acts necessary or convenient to carry out the powers expressly granted in this chapter.
(2) Projects may be developed in conjunction with other road development efforts of the Commonwealth that are in compliance with Federal Highway Administration requirements.
(3) Projects developed pursuant to this chapter shall:
(a) Comply with the requirements of KRS Chapters 45A, 174, and 176;
(b) Be included in the most recently enacted biennial highway construction plan; and
(c) Comply with all relevant requirements of the Federal Highway
Administration.
Effective:April 8, 2016
History: Amended 2016 Ky. Acts ch. 67, sec. 14, effective April 8, 2016. — Created
2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 79, effective June 26, 2009.