45.770 Contingency account.
919 words·~4 min read·
/ky/chapter-45/45-770A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)There is created within the capital construction fund the capital construction and
equipment purchase contingency account. The account shall consist of moneys
appropriated to the account by the General Assembly.
(2)Money in the capital construction and equipment purchase contingency account
may be transferred to the allotment account of a capital construction project,
authorized by the General Assembly under KRS 45.760, subject to the following
conditions and procedures:
(a)Except as provided in paragraphs
(b)and
(c)of this subsection, during any
biennium, the amount that may be transferred from the capital construction
and equipment purchase contingency account to the allotment account of an
authorized project shall not exceed an amount equal to fifteen percent (15%)
of the estimated cost of the project, for that biennium, approved by the
General Assembly in the manner provided by KRS 45.760.
(b)Subject to paragraph
(c)of this subsection, if the cost of an authorized project
exceeds, by more than fifteen percent (15%), its estimated cost, as approved
by the General Assembly, due to an unforeseen decision by a federal or state
court or regulatory agency, moneys in excess of fifteen percent (15%) of the
estimated cost of the project may be transferred from the capital construction
and equipment purchase contingency account to the allotment account of the
project.
(c)The Finance and Administration Cabinet shall, prior to making any transfer
under this subsection, present the proposed transfer to the Capital Projects and
Bond Oversight Committee, at least fourteen
(14)days prior to the committee
meeting, for review as provided by KRS 45.800. Presentation of a proposed
transfer under paragraph
(b)of this subsection shall include written
certification to the committee from the commissioner of the Department for
Facilities and Support Services, Finance and Administration Cabinet, that the
transfer is necessitated by cost increases resulting from an unforeseen decision
by a federal or state court or regulatory agency.
(3)Money in the capital construction and equipment purchase contingency account
may be transferred to the allotment account of a major item of equipment,
authorized by the General Assembly under KRS 45.760, for expenditure on that
item subject to the following conditions and procedures:
(a)Except as provided in paragraphs
(b)and
(c)of this subsection, during any
biennium, the amount that may be transferred from the capital construction
and equipment purchase contingency account to the allotment account of an
authorized major item of equipment shall not exceed an amount equal to
fifteen percent (15%) of the estimated cost of the item, for that biennium,
approved by the General Assembly in the manner provided by KRS 45.760.
(b)If the cost of an authorized major item of equipment exceeds, by more than
fifteen percent (15%), its estimated cost, as approved by the General
Assembly, due to an unforeseen decision by a federal or state court or
regulatory agency, moneys in excess of fifteen percent (15%) of the estimated
cost may be transferred from the capital construction and equipment purchase
contingency account to the allotment account of the item.
(c)The Finance and Administration Cabinet shall, prior to making any transfer
under this subsection, present the proposed transfer to the Capital Projects and
Bond Oversight Committee, at least fourteen
(14)days prior to the committee
meeting, for review as provided by KRS 45.800. Presentation of a proposed
transfer under paragraph
(b)of this subsection shall include written
certification to the committee from the secretary of the Finance and
Administration Cabinet that the transfer is necessitated by cost increases
resulting from an unforeseen decision by a federal or state court or regulatory
agency.
(4)Money in the capital construction and equipment purchase contingency account
may be transferred to a capital project account to be used for nonrecurring moving
expenses of state agencies to address issues of public health and safety or
governmental efficiency, subject to the following conditions and procedures:
(a)The Finance and Administration Cabinet shall, prior to making any transfer
under this subsection, present the proposed transfer to the Capital Projects and
Bond Oversight Committee, at least fourteen
(14)days prior to the committee
meeting, for review as provided by KRS 45.800.
(b)Presentation of a proposed transfer shall include written certification to the
committee from the secretary of the Finance and Administration Cabinet that
the moving costs are nonrecurring, and describing the specific benefits,
including but not limited to fiscal and efficiency savings associated with the
proposal.
(c)No transfer shall be used for capital improvements.
(5)No later than thirty
(30)days after a project has been accepted by the
Commonwealth of Kentucky and the contracts encumbered against that project
have been closed, moneys constituting the available balance in the project or
equipment account shall be transferred as follows:
(a)If the project was a line item in the budget and not funded with road funds,
then the balance shall be transferred to the capital construction surplus
account.
(b)If the project was a line item in the budget and funded with road funds, then
the balance shall be transferred to the road fund surplus account.
(c)If the project was completed within the biennium in which it was authorized,
and if the project was funded from a major maintenance pool, then the balance
shall be transferred to that major maintenance pool.
(d)If the project was not completed within the biennium in which it was
authorized, without being expressly reauthorized by a succeeding session of
the General Assembly, then the balance shall be transferred to the capital
construction surplus account.