45A.867 Emergency procedure.

302 words·~1 min read·/ky/chapter-45a/45a-867

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

(1)Notwithstanding the other provisions of KRS 45A.840 to 45A.879, this section

shall govern the selection of an underwriter or a bond counsel in the case of a bona

fide emergency.

(2)A bona fide emergency shall be deemed to exist only where the executive director

has certified to the secretary of the Finance and Administration Cabinet that an

emergency, threatening substantial interests of the Commonwealth, has arisen from:

(a)A change in the federal tax law; or

(b)A situation other than a change in the federal tax law, and the secretary of the

Finance and Administration Cabinet has stated in writing that he has

independently concluded that the situation constitutes an emergency which

threatens substantial interests of the Commonwealth.

(a)The cabinet secretary shall forward to the Capital Projects and Bond Oversight

Committee the certificate created pursuant to subsection (2)(a) of this section

or the certificate and the secretary's independent conclusion written pursuant

to subsection (2)(b) of this section.

(b)The secretary shall also confer with the executive director to determine what

measures should be taken to select an underwriter or a bond counsel.

(4)Within thirty

(30)days of the selection of an underwriter or a bond counsel pursuant

to this section, the executive director, or his designee, shall appear before the

Capital Projects and Bond Oversight Committee to report on the emergency

selection. The report shall include:

(a)The materials referred to in subsection 3(a) of this section;

(b)His own description of the bona fide emergency;

(c)The procedure used for selecting the underwriter or bond counsel;

(d)The nature of the services that the underwriter or bond counsel will provide;

(e)The length of time for which the firm will provide these services; and

(f)The costs connected with employing the underwriter or bond counsel.