KRS § 103.210 — KY Code / Title IX / Chapter 103 / Section 103.210
103.210 Issuance of bonds
Status: in_force

103.210 Issuance of bonds.

(1) In order to promote the economic development of the Commonwealth, to relieve

conditions of unemployment, to encourage the increase of industry in this state, and

to aid in the retention of existing industry through improved energy efficiency in

manufacturing facilities, or through conversion of energy facilities to more readily

available fuels, any city or county may borrow money and issue negotiable bonds

for the purpose of defraying the cost of acquiring any industrial building or

pollution control facility, either by purchase or construction, but only after an

ordinance or resolution has been adopted by the legislative body of the city or the

fiscal court of the county, or by the Kentucky Economic Development Finance

Authority, if requested by the legislative body of the city or the fiscal court of the

county, as the case may be, specifying the proposed undertaking, the maximum

amount of bonds to be outstanding at any one (1) time, and the maximum rate of

interest the bonds are to bear. This section shall not be deemed to require, however,

that such ordinance or resolution be adopted prior to interim financing of the

project, if such interim financing was undertaken by the proposed lessee corporation

upon the basis of discussions between the corporation and responsible officials of

the issuer which were later formally ratified by the appropriate governing body of

the issuer.

(2) The ordinance or resolution shall further provide that the industrial building or the

pollution control facility is to be acquired pursuant to the provisions of KRS

103.200 to 103.285. Each such bond-authorizing ordinance or resolution shall be

effective only after publication, in a newspaper authorized to publish official

advertisements for the issuer, of the title to said ordinance or resolution, together

with a statement signed by the clerk of the issuer setting forth the maximum amount

of bonds to be outstanding at any one (1) time, the name of the lessee corporation,

and the fact that the bonds are to be retired from the proceeds of either the lease

payments as set forth in KRS 103.200 to 103.285, inclusive, or the loan payments or

sale payments in the event the industrial building financing transaction is carried out

pursuant to a loan agreement, sale agreement, or other tax incentive agreement. No

publication of the complete ordinance or resolution shall be required, but said

ordinance or resolution shall be entered upon the records of the issuer and shall be

available for public inspection.

(3) Any industrial buildings financed by bonds pursuant to KRS 103.200 to 103.285

and leased in connection with the bond financing from a tax-exempt governmental

unit, or tax-exempt statutory authority, shall require the prior approval by the

Kentucky Economic Development Finance Authority of the reduced ad valorem tax

for industrial buildings under KRS 132.020, the standards for which the Kentucky

Economic Development Finance Authority shall establish through its operating

procedures or by the promulgation of administrative regulations in accordance with

KRS Chapter 13A. The authority shall consider, along with other indicators, when

establishing standards, the number of jobs to be created, the amount of capital to be

invested, and the wages and benefits to be paid.

(4) The Kentucky Economic Development Finance Authority, any air board established

pursuant to KRS 183.132, and any riverport authority established as provided in

KRS 65.510 to 65.650, inclusive, shall have and possess all power and authority

granted to cities and counties by the provisions of KRS 103.200 to 103.285,

excluding condemnation powers under KRS 103.245, for the financing of industrial

buildings. For such purposes, the terms "city," "county," and "issuer" as used in

KRS 103.200 to 103.285, inclusive, shall also mean and refer to the Kentucky

Economic Development Finance Authority, any air board established pursuant to

KRS 183.132, and any riverport authority established as provided in KRS 65.510 to

65.650. The power and authority granted to the Kentucky Economic Development

Finance Authority, any air board, and any riverport authority shall be and constitute

an additional and alternative grant of power and authority to such governmental

agencies, and shall not be construed as being in derogation of any other powers

vested in each of such governmental agencies.