Kentucky Statutes 45.810 – Procedure for review of proposed bond issue — Annual report to committee
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(1) Any state agency authorized to issue bonds shall, prior to the issuance of any bonds, submit the proposed bond issue to the Capital Projects and Bond Oversight Committee, at least fourteen (14) days prior to the committee meeting, for review and recommendation. The Turnpike Authority shall be exempt from this review.
(2) The Capital Projects and Bond Oversight Committee shall require documentation of the following:
(a) That the proposed bond project or subsequent use of bond funds is in compliance with all applicable regulatory or statutory provisions;
(b) That the debt service fund source has been identified and approved by all applicable authorities as provided by statute; and
(c) That the bond issue, if supported by appropriation, is consistent with the branch budget bill.
(3) If the committee does not recommend a proposed project for the use of bond proceeds as provided in subsection (1) of this section, the project shall be referred to the secretary of the Finance and Administration Cabinet, who shall:
(a) Revise the project in consideration of the committee’s objections; or
(b) Cancel the project or the use of bond proceeds for the project; or
(c) Determine to proceed with the project.
(4) The decision of the secretary of the Finance and Administration Cabinet with respect to the project or the bond funding for the project shall be transmitted to the committee within thirty (30) days.
(5) Any changes in the bond project after review and approval by the committee shall be transmitted to the next regularly scheduled meeting of the committee.
(6) The bonding authorities designated in subsection (1) of this section shall submit an annual report to the committee at the end of each fiscal year, which shall include:
(a) The principal amount of the bonds outstanding at the beginning of the fiscal year;
(b) The amount of any bonds issued during the fiscal year;
(c) All payments of principal, interest, trustee fees, and any other fees, during the fiscal year; and
(d) The principal balance of bonds outstanding at the end of the fiscal year.
Effective: July 15, 1994
History: Amended 1994 Ky. Acts ch. 387, sec. 22, effective July 15, 1994. – Amended
1992 Ky. Acts ch. 47, sec. 7, effective July 14, 1992. — Created 1988 Ky. Acts ch.
145, sec. 1, effective July 15, 1988.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, J, 1, (7) at 1692.
(2) The Capital Projects and Bond Oversight Committee shall require documentation of the following:
Terms Used In Kentucky Statutes 45.810
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Oversight: Committee review of the activities of a Federal agency or program.
- 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.
- Trustee: A person or institution holding and administering property in trust.
- Year: means calendar year. See Kentucky Statutes 446.010
(a) That the proposed bond project or subsequent use of bond funds is in compliance with all applicable regulatory or statutory provisions;
(b) That the debt service fund source has been identified and approved by all applicable authorities as provided by statute; and
(c) That the bond issue, if supported by appropriation, is consistent with the branch budget bill.
(3) If the committee does not recommend a proposed project for the use of bond proceeds as provided in subsection (1) of this section, the project shall be referred to the secretary of the Finance and Administration Cabinet, who shall:
(a) Revise the project in consideration of the committee’s objections; or
(b) Cancel the project or the use of bond proceeds for the project; or
(c) Determine to proceed with the project.
(4) The decision of the secretary of the Finance and Administration Cabinet with respect to the project or the bond funding for the project shall be transmitted to the committee within thirty (30) days.
(5) Any changes in the bond project after review and approval by the committee shall be transmitted to the next regularly scheduled meeting of the committee.
(6) The bonding authorities designated in subsection (1) of this section shall submit an annual report to the committee at the end of each fiscal year, which shall include:
(a) The principal amount of the bonds outstanding at the beginning of the fiscal year;
(b) The amount of any bonds issued during the fiscal year;
(c) All payments of principal, interest, trustee fees, and any other fees, during the fiscal year; and
(d) The principal balance of bonds outstanding at the end of the fiscal year.
Effective: July 15, 1994
History: Amended 1994 Ky. Acts ch. 387, sec. 22, effective July 15, 1994. – Amended
1992 Ky. Acts ch. 47, sec. 7, effective July 14, 1992. — Created 1988 Ky. Acts ch.
145, sec. 1, effective July 15, 1988.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, J, 1, (7) at 1692.