45.763 Requirement for General Assembly authorization before state agencies,

294 words·~1 min read·/ky/45-763

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

institutions of higher education, or affiliated corporations enter into certain

real property agreements -- General Assembly approval of capital projects

using public-private delivery method.

(1)Notwithstanding any statutory provisions to the contrary, any state agency as

defined in KRS 7A.010, institution of higher education defined as an institution in

KRS 164A.550, or affiliated corporation as defined in KRS 164A.550, shall obtain

authorization from the General Assembly prior to entering into an agreement

identified in subsection

(2)of this section. The General Assembly authorization

shall occur only when the General Assembly enacts legislation specifically

authorizing the agreement.

(2)General Assembly authorization shall be required for an agreement for the use,

purchase, or acceptance of real property of any value, or equipment with a value in

excess of four hundred thousand dollars ($400,000), if:

(a)The agreement provides that the state, a state agency, institution of higher

education, or affiliated corporation will become the owner of the real property

or equipment at any time; and

(b)All or any portion of the purchase price of the real property or equipment is

funded through the issuance of a financial instrument which requires payment

of principal and interest over time, including, but not limited to, notes, bonds,

securities, and certificates of participation, regardless of the identity of the

issuer.

(3)For any capital projects authorized by KRS 45A.077 and utilizing the public-private

partnership delivery method, the General Assembly has authorization through the

Capital Projects and Bond Oversight Committee to review and approve a project in

accordance with KRS 45.800. The contracting body shall report a capital project to

the Capital Projects and Bond Oversight Committee after negotiations are complete

with the project partner but prior to beginning work on the project for review and

approval by the committee.