56.450 State Property and Buildings Commission -- Issuance of revenue bonds.
914 words·~4 min read·
/ky/chapter-56/56-450A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)There is recognized, as an independent agency of the state within the meaning of
KRS Chapter 12, and as a constituted authority of the Commonwealth of Kentucky,
a state and a sovereign entity within the meaning of regulations of the United States
Department of the Treasury, Internal Revenue Service, a State Property and
Buildings Commission composed of the Governor, who shall be chairman thereof,
the Lieutenant Governor who shall be vice chairman of the commission, the
Attorney General, the secretary of the Cabinet for Economic Development, the
executive director of the Office of the Controller, the state budget director, and the
secretary of the Finance and Administration Cabinet, or their alternates as
authorized in subsection
(5)of this section.
(2)No member of the commission shall receive any salary, fee, or other remuneration
for his services as a member of the commission, but each member shall be entitled
to be reimbursed for his ordinary traveling expenses, including meals and lodging,
incurred in the performance of his duties.
(3)The commission shall constitute a public body corporate with perpetual succession
and power in its name to contract and be contracted with, sue and be sued, adopt
bylaws, have and use a corporate seal, and exercise all of the powers granted to
private corporations generally in KRS Chapter 271B, except as that chapter may be
inconsistent with KRS 56.440 to 56.550.
(4)Subject to the provisions of KRS 56.550, but notwithstanding any other provision
of the Kentucky Revised Statutes to the contrary, all revenue bonds issued by state
agencies, except as provided in this chapter (but not including bonds issued directly
by and in the name of the Commonwealth of Kentucky under authorization of the
executive cabinet), shall be issued under the provisions of this chapter. As an
additional and alternative method for the issuance of revenue bonds under the
provisions of this chapter, upon application of any state agency and approval by the
commission, the commission acting for and on behalf of said state agency may issue
revenue bonds in its own name, in accordance with the terms and provisions of
KRS Chapter 58, secured by and payable solely from all or any part of the revenues
of the state agency as may be specified and provided in the approved application.
Any covenants and undertakings of the state agency in the approved application
with regard to the production of revenues and the use, application, or disposition
thereof may be enforced by the holders of any of the revenue bonds or by any
trustee for such bondholders. The issuance of any revenue bonds for the state or any
of its agencies by or on behalf of the Kentucky Economic Development Finance
Authority and the issuance of any revenue bonds for economic development
projects authorized by Acts 1980, Ch. 109, shall require the prior approval of the
State Property and Buildings Commission. In issuing bonds under its own name, or
in approving issuance of bonds by other state agencies, the commission shall be
deemed to be acting for the state government of the Commonwealth of Kentucky as
one
(1)unit within the meaning of the regulations of the United States Department
of the Treasury, Internal Revenue Service, and it shall be limited to the issuance of
bonds to accomplish the public purposes of that unit.
(a)Each member of the commission may designate, by an instrument in writing
over his signature and filed with the secretary as a public record of the
commission, an alternate with full authority to attend in the absence of the
appointing member for any reason, any properly convened meeting of the
commission and to participate in the consideration of, and voting upon,
business and transactions of the commission. Any designation of an alternate
may, in the discretion of the appointing member, be limited upon the face of
the appointing instrument, to be effective only for a designated meeting or
only for specified business; or the same may be shown on the face of the
appointing instrument to be on a continuing basis (but in no case for a period
of more than four
(4)years), whenever the appointing member is unable to
attend, but always subject to revocation by the appointing member in an
instrument of like formality, similarly filed with the secretary as a public
record of the commission. Any party transacting business with the
commission, or materially affected thereby, shall be entitled to accept and rely
upon a joint certificate of the secretary of the commission and any member of
the commission concerning the designation of any alternate, the time of
designation, the scope thereof, and if of a continuing nature, whether the same
has been revoked, and when; and the joint certificate shall be made and
delivered to any such party within a reasonable time after written request is
made therefor with acceptable identification of the business or transaction
referred, and of the requesting party's interest therein. Each alternate shall be a
person on the staff of the appointing member, or in the employ of his agency
or department of the government of the Commonwealth, as the case may be.
(b)Any four
(4)members of the commission, or their alternates authorized under
paragraph
(a)of this subsection, shall constitute a quorum and shall by
majority vote be authorized to transact any and all business of the
commission.
(c)The State Property and Buildings Commission is reconstituted as of October
1, 1976, with the powers herein provided.