197.540 Irrevocable letter of credit as substitute for performance bond --
93 words·~1 min read·
/ky/197-540A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Protection of state's interest in continual level of prison beds.
(1)When KRS 197.510 or any other statute relating to contracting for the private
operation of prisons requires a performance bond, an irrevocable letter of credit or a
performance bond in a form satisfactory to the Commonwealth may be substituted.
(2)The contract shall also protect the state's interest in providing a continual level of
prison beds available without a sudden drop in the number of prison beds available
or the need to release inmates or provide for their transfer to other facilities.