KRS § 56.450 — KY Code / Title VII / Chapter 56 / Section 56.450
56.450 State Property and Buildings Commission -- Issuance of revenue bonds
Status: in_force

56.450 State Property and Buildings Commission -- Issuance of revenue bonds.

(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.

(5) (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.