26A.162 Determination of use allowance -- Presumption of twenty year bond issue -

345 words·~2 min read·/ky/26a-162

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

- Standards for longer term of issue -- Legislative oversight.

(1)The use allowance in the judicial branch budget recommendation submitted under

KRS 48.100 shall be determined as if bonds will be issued for a term of twenty

years at the prevailing market rate, computed from the estimated date that the Court

of Justice will occupy the facility. If the market rate for the bonds has increased

when the bonds are to be sold, the director of the Administrative Office of the

Courts may approve an extension in the bond term, up to a total of twenty-five

years, but only as necessary to keep the annual use allowance within the budgeted

amount. All bonds issued by any local unit of government for court facilities

projects shall be limited to the term approved by the Administrative Office of the

Courts.

(2)Before approving any bond issue for a term exceeding twenty-five

(25)years, the

director of the Administrative Office of the Courts shall submit a proposal for the

extended term to the Interim Joint Committee on Appropriations and Revenue and

the Capital Projects and Bond Oversight Committee. The proposal shall include a

statement of the necessity for the extended bond term and the impact of the

extended term on the project's budgeted scope and authorized annual use allowance.

(3)Within thirty

(30)days after receiving a proposal to extend a bond term beyond

twenty-five

(25)years, the Interim Joint Committee on Appropriations and Revenue

and the Capital Projects and Bond Oversight Committee shall either approve or

disapprove the proposal and shall then promptly notify the director of the

Administrative Office of the Courts. If either committee disapproves the proposal,

the director of the Administrative Office of the Courts shall take one

(1)of the

following actions and shall notify the committee of its decision in writing within

thirty

(30)days:

(a)Disapprove and take no further action on the proposal;

(b)Revise the proposal to comply with the committee's objections; or

(c)Determine to approve and proceed with the proposal over the committee's

objection.