175B.020 Purpose of state authority -- Participation as a developing or
822 words·~4 min read·
/ky/175b-020A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
issuing authority -- Oversight function -- Legislative ratification required
for certain actions -- Administrative regulation regarding fee.
(1)The state authority's primary purpose shall be to facilitate the construction,
financing, operation, and oversight of projects by entering into bi-state
agreements and by creating bi-state authorities, project authorities, and
public-private partnerships. To accomplish these purposes, the state authority
shall have the power and duty to:
(a)Take the following actions relating to a bi-state authority authorized
pursuant to KRS 175B.030:
1. To enter into a bi-state agreement;
2. To review and approve project financing plans and development
agreements; and
3. To monitor agreements entered into by bi-state authorities;
(b)Take the following actions relating to a project authority authorized
pursuant to KRS 175B.035:
1. To request establishment of a project authority;
2. To review and approve project financing plans and development
agreements;
3. To monitor activities of project authorities; and
4. To enter into an agreement with the project authority; and
(c)Take the following actions relating to a public-private partnership
authorized pursuant to KRS 175B.037:
1. To request establishment of a public-private partnership;
2. To review and approve project financing plans;
3. To monitor activities of public-private partnerships; and
4. To enter into an agreement as a part of or with a public-private
partnership, if necessary.
(2)The state authority, when authorized pursuant to subsection
(10)of this
section, may participate as a developing or issuing authority, or both, in the
development, construction, or financing of a project by a bi-state or project
authority, or by a public-private partnership, if necessary. If the state authority
participates as a developing or issuing authority, the state authority shall have
the powers and duties established in KRS 175B.025 as they apply to that
project.
(3)The state authority, as a function of its oversight of any other authority created
pursuant to this chapter, shall report before the first issuance of bonds and no
less than semiannually thereafter to the Capital Projects and Bond Oversight
Committee and to the Interim Joint Committee on Appropriations and Revenue
of the Legislative Research Commission, on any projects currently proposed or
under development by each authority. Current and proposed levels of bonding
for each project shall be reviewed by the Capital Projects and Bond Oversight
Committee in accordance with KRS 45.794 before the bonds shall be issued.
(4)The state authority, when proposing a project pursuant to this chapter, shall to
the extent practical consult with the officials representing the units of local
government in which the proposed project is to be located in order to obtain the
advice and input on the local impact of the proposed project, including
information regarding land use planning, transportation planning, economic
development, and any other factors having a direct impact to the local
community.
(5)The state authority may receive an unsolicited proposal if the proposal
contains:
(a)An executive summary of no more than three
(3)pages that details the
revenue source for the proposed project, the amount of revenue expected
to be generated by the project, and the project costs;
(b)A certification from a financial expert stating that the contents of the
unsolicited proposal are true and correct; and
(c)A fee for the review of the executive summary.
(6)The state authority shall respond to a person offering an unsolicited proposal
notifying the person that the proposal has been rejected or approved for further
review.
(7)If the state authority approves an unsolicited proposal for further review, the
state authority shall independently verify that it is in the best interest of the
Commonwealth.
(8)If the state authority approves a proposal for further review, the person making
the unsolicited proposal shall pay all costs of evaluating the unsolicited
proposal incurred by the state authority and the cabinet pursuant to an
agreement negotiated between the state authority and the person making the
unsolicited proposal.
(9)If the state authority and the cabinet agree that an unsolicited proposal is in the
best interest of the Commonwealth, the state authority, with the assistance of
the cabinet, shall begin a competitive procurement process to implement some
or all of the concepts contained in the unsolicited proposal.
(a)Notwithstanding any other provision of this chapter, the following actions
shall not take effect until ratified by the General Assembly:
1. The creation of a bi-state authority;
2. The creation of a project authority;
3. The creation of a public-private partnership;
4. The modification or amendment of the scope of any project; and
5. The development of any project undertaken entirely by the state
authority.
(b)If any action described in paragraph
(a)of this subsection is not ratified
by the General Assembly, the creation, approval, or modification shall be
considered void.
(11)The state authority shall promulgate an administrative regulation in accordance
with KRS Chapter 13A to determine the fee required by subsection (5)(c) of
this section for the review of the executive summary.