42.410 Duties of Office of Financial Management -- Contents of state debt report.

252 words·~1 min read·/ky/chapter-42/42-410

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(1)The Office of Financial Management established in KRS 42.0201 shall, subject to

the provisions of KRS 41.020 to 41.375 and KRS 42.500, have and perform

functions and duties as follows:

(a)The analysis and management of short and long-term cash flow requirements;

(b)The maximization of the return on state investments given the cash flow and

liquidity requirements;

(c)The coordination and monitoring of cash needs relative to investment and debt

activity;

(d)The development of a long-term debt plan including criteria for the issuance

of debt and an evaluation of how much total state debt is justified;

(e)The responsibility for liaison with the General Assembly on all investment

and debt matters, including, but not limited to, new bond issues, the status of

state debt, and the status of state investments; and

(f)All other functions of the cabinet relative to state investment and debt

management including, but not limited to, the making of debt service

payments, the sale of bonds, and staff assistance to the State Property and

Buildings Commission, the Asset Liability Commission, and the State

Investment Commission.

(2)The Office of Financial Management shall render monthly written reports

concerning the performance of each investment to the State Investment

Commission.

(3)The Office of Financial Management shall review state appropriation-supported

bond issues for possible debt service savings through refundings as market

conditions warrant.

(4)The Office of Financial Management shall submit a report within forty-five

days after the publication of the Comprehensive Annual Financial Report to the