45A.843 Selection committees.
388 words·~2 min read·
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(1)One
(1)or more selection committees shall be created in the Office of Financial
Management. Each selection committee shall have the authority to participate in the
selection of both underwriters and bond counsel.
(2)Except as provided in KRS 45A.867 and 45A.870, a selection committee shall
participate in every instance of a bond issuing agency hiring an underwriter or bond
counsel on behalf of a bond issuing agency.
(3)A selection committee created in the office shall consist of the following six
(6)or
more members selected in the manner specified within each paragraph:
(a)Three
(3)employees of the office other than the executive director. The
executive director shall select the three
(3)employees;
(b)Two
(2)employees of the bond issuing agency appointed by the head of that
agency to participate in the hiring of an underwriter or a bond counsel for that
agency. However, at the discretion of the head of the bond issuing agency, he
may substitute for one
(1)of his employees an employee of the agency whose
project will be funded by the bond proceeds; and
(c)One
(1)or more merit employees of the Auditor of Public Accounts,
appointed by the Auditor. The merit employees shall serve as nonvoting
members of the committee. If one
(1)employee is appointed, then that
employee shall attend all committee proceedings. If more than one
employee is appointed, then at least one
(1)of the employees shall attend any
committee proceeding.
(a)All selection committee members shall have experience which qualifies them
to serve on the committee.
(b)Any individual appointed to serve by the executive director or the Auditor of
Public Accounts shall serve an initial one
(1)year term and may be
reappointed to serve for additional successive one
(1)year terms. He shall
serve until his successor is appointed and qualified. A successor or a
replacement, in the case of a vacancy, shall be appointed in the same manner
as the initial appointee.
(c)A selection committee member appointed by the head of a bond issuing
agency shall serve for the duration of the selection committee's participation in
the hiring of an underwriter and a bond counsel for his agency. A replacement,
in the case of a vacancy, shall be appointed in the same manner as the initial
appointee.