103.2101 State local debt officer -- Kentucky Private Activity Bond Allocation
674 words·~3 min read·
/ky/103-2101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Committee -- Review and approval or disapproval of projects -- Statement of
assurance -- Maximum length of bond authorization.
(1)It shall be the duty of the state local debt officer to review only those projects
authorized by KRS 103.200(1) (k), (l), (m), and (n), and only off-street parking
facilities, cable television, and mass communication facilities as authorized by KRS
103.200(1)(b), whether by cities, counties, urban-county governments, air boards, or
riverport authorities. The Kentucky Private Activity Bond Allocation Committee
shall review only those projects to be issued by the Kentucky Economic
Development Finance Authority and authorized by KRS 103.200(1) (k), (l), (m),
and (n). Such review shall include but need not be limited to the following:
(a)Whether the project creates long-term economic growth, creates or retains
jobs in a previously designated empowerment or enterprise zone, or aids in the
prevention or elimination of slums or blight;
(b)Whether there is substantiating documentation to demonstrate that the project
places an unjustified competitive disadvantage on existing business in the
area;
(c)Whether there is substantiating documentation to demonstrate that normal
commercial financing is unavailable for this project or, if available, at what
rates it must be secured and under what terms and conditions;
(d)If the project is in accord with the intent of KRS 103.200 to 103.285, this
section, and KRS 103.2451; and
(e)The project's economic soundness.
(2)If the committee or the state local debt officer finds that the project does not meet
all of the above listed criteria, it shall deny approval of the project until the
objections thereto have been met.
(3)The committee and the state local debt officer may require the submission of
testimony, project data, or any other information deemed appropriate with regard to
any project submitted to it for approval.
(4)The committee and the state local debt officer, within fourteen
(14)days of
receiving application, shall notify in writing the agency or unit of government
proposing the issuance of bonds, the appropriate county judge/executive, mayor,
and school superintendent, and the developers of the project of the date on which
the project will be considered by the committee at a public hearing. Any person may
attend the hearing and may personally, or through counsel, address the committee
with regard to the project and make recommendations to the committee thereon.
Notice shall be given to the agency or unit of government proposing to issue the
bonds and the developers of the project not less than forty-five
(45)days before the
date the committee has set for the hearing on the project. The agency or unit of
government proposing the issuance of the bonds shall publish notice of the hearing
in the manner required by KRS Chapter 424. The agency or unit of government
proposing the issuance of the bonds shall require the developer of the project (if it is
other than the agency or unit of government) to reimburse the agency or unit of
government for the cost of the advertising required herein. A hearing officer may
conduct the hearing with a proposed order to the committee or the state local debt
officer.
(5)The committee and the state local debt officer shall have the right to approve or
disapprove any project submitted to it, and over which it has jurisdiction as
described in subsection
(1)of this section, and no bonds or other evidence of
indebtedness for any such project shall be issued until the project has been approved
by the committee.
(6)When the revenues of the respective local government or school district are
negatively impacted by the project, the committee and the state local debt officer
shall require submission of a written statement of assurance that the appropriate
county judge/executive, mayor, and school superintendent are in agreement with the
negotiated financial arrangement. This written statement of assurance shall be used
for advisory purposes.
(7)The maximum length of any bond authorization under this section shall not exceed
the anticipated useful life of the building or equipment purchased or forty
years, whichever is shorter.