Kentucky Statutes 224A.040 – Construction or acquisition of infrastructure projects or improvement of public drinking water and wastewater systems
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The authority may, pursuant to the terms, conditions, restrictions and requirements of this chapter, assist with the construction or acquisition of infrastructure projects or with the improvement of the technical, managerial, or operational capacity of public drinking water and wastewater systems by:
(1) Leasing an infrastructure project;
(2) Making loans or grants as funds are available, to any governmental agency; or
(3) Purchasing obligations of a governmental agency, provided that any financial assistance supplied to the governmental agency, as defined in KRS § 224A.011, will not cause the interest on current or future state agency or authority obligations, if excludable from gross income for federal tax purposes, to be included in gross income for federal tax purposes.
Effective: July 14, 2022
History: Amended 2022 Ky. Acts ch. 177, sec. 5, effective July 14, 2022. — Amended
1988 Ky. Acts ch. 124, sec. 5, effective March 31, 1988. — Amended 1974 Ky. Acts ch. 336, sec. 3, effective July 13, 1984. — Created 1972 Ky. Acts ch. 329, sec. 4.
(1) Leasing an infrastructure project;
Terms Used In Kentucky Statutes 224A.040
- Authority: means the Kentucky Infrastructure Authority, which is created by this chapter. See Kentucky Statutes 224A.011
- Construction: means and includes but is not limited to:
(a) Preliminary planning to determine the economic and engineering feasibility of infrastructure projects, the engineering, architectural, legal, fiscal, and economic investigations, and studies necessary thereto, and surveys, designs, plans, working drawings, specifications, procedures, and other actions necessary to the construction of infrastructure or solid waste projects. See Kentucky Statutes 224A.011 - Federal: refers to the United States. See Kentucky Statutes 446.010
- Governmental agency: means any incorporated city or municipal corporation, or other agency, or unit of government within or a department or a cabinet of the Commonwealth of Kentucky, now having or hereafter granted, the authority and power to finance, acquire, construct, or operate infrastructure or solid waste projects. See Kentucky Statutes 224A.011
- Infrastructure project: means any construction or acquisition of treatment works, facilities related to the collection, transportation, and treatment of wastewater as defined in KRS §. See Kentucky Statutes 224A.011
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 224A.011
- Wastewater: means any water or liquid substance containing sewage, industrial waste, or other pollutants or contaminants derived from the prior use of these waters. See Kentucky Statutes 224A.011
(2) Making loans or grants as funds are available, to any governmental agency; or
(3) Purchasing obligations of a governmental agency, provided that any financial assistance supplied to the governmental agency, as defined in KRS § 224A.011, will not cause the interest on current or future state agency or authority obligations, if excludable from gross income for federal tax purposes, to be included in gross income for federal tax purposes.
Effective: July 14, 2022
History: Amended 2022 Ky. Acts ch. 177, sec. 5, effective July 14, 2022. — Amended
1988 Ky. Acts ch. 124, sec. 5, effective March 31, 1988. — Amended 1974 Ky. Acts ch. 336, sec. 3, effective July 13, 1984. — Created 1972 Ky. Acts ch. 329, sec. 4.