Kentucky Statutes 41.480 – Definitions for section — Prohibition from entering into contract with a company engaging in energy company boycott
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(1) As used in this section:
(a) “Company” has the same meaning as in KRS § 41.472, except that it shall not include a sole proprietorship;
(b) “Energy company boycott” has the same meaning as in KRS § 41.472; and
(c) “Governmental entity” means any state board, bureau, cabinet, commission, department, authority, officer, or other entity in the executive branch of state government.
(2) This section applies only to a contract that:
(a) Is between a governmental entity and a company with ten (10) or more full- time employees; and
(b) Has a value of one hundred thousand dollars ($100,000) or more that is to be paid wholly or partly from public funds of the governmental entity.
(3) Except as provided in subsection (4) of this section, a governmental entity shall not enter into a contract with a company for goods or services unless the contract contains a written verification from the company that it:
(a) Does not engage in energy companies boycotts; and
(b) Will not engage in energy company boycotts during the term of the contract. (4) The requirements of subsection (3) of this section shall not apply to a governmental
entity that determines that those requirements are inconsistent with the
governmental entity’s constitutional, statutory, or fiduciary duties related to the issuance, incurrence, or management of debt obligations or the deposit, custody, management, borrowing, or investment of funds.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 120, sec. 5, effective July 14, 2022.
(a) “Company” has the same meaning as in KRS § 41.472, except that it shall not include a sole proprietorship;
Terms Used In Kentucky Statutes 41.480
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Fiduciary: A trustee, executor, or administrator.
- public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- written: means letters, words, or numbers, or their equivalent, set down by handwriting, typewriting, printing, photostating, photographing, magnetic impulse, mechanical or electronic recording, or other form of data compilation. See Kentucky Statutes 41.010
(b) “Energy company boycott” has the same meaning as in KRS § 41.472; and
(c) “Governmental entity” means any state board, bureau, cabinet, commission, department, authority, officer, or other entity in the executive branch of state government.
(2) This section applies only to a contract that:
(a) Is between a governmental entity and a company with ten (10) or more full- time employees; and
(b) Has a value of one hundred thousand dollars ($100,000) or more that is to be paid wholly or partly from public funds of the governmental entity.
(3) Except as provided in subsection (4) of this section, a governmental entity shall not enter into a contract with a company for goods or services unless the contract contains a written verification from the company that it:
(a) Does not engage in energy companies boycotts; and
(b) Will not engage in energy company boycotts during the term of the contract. (4) The requirements of subsection (3) of this section shall not apply to a governmental
entity that determines that those requirements are inconsistent with the
governmental entity’s constitutional, statutory, or fiduciary duties related to the issuance, incurrence, or management of debt obligations or the deposit, custody, management, borrowing, or investment of funds.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 120, sec. 5, effective July 14, 2022.