KRS § 175B.025 — KY Code / Title XV / Chapter 175B / Section 175B.025
175B.025 Powers and duties of developing authority and issuing authority -- Project development restrictions
Status: in_force

175B.025 Powers and duties of developing authority and issuing authority --

Project development restrictions.

(1) The developing authority and issuing authority may be the same authority or

separate authorities, depending on the needs of the project. The developing

authority and issuing authority shall have the following powers and duties, as

necessary to complete, operate, and maintain the project, subject to the

limitations provided in KRS 175B.020(10):

(a) To enter into agreements as necessary to facilitate the development,

construction, maintenance, operation, repair, or financing of projects;

(b) To directly or indirectly construct, reconstruct, maintain, repair, operate,

and regulate projects within the Commonwealth, or contract with another

entity for these services;

(c) To issue project revenue bonds of the issuing authority payable solely

from the tolls, revenues, rentals, funds from any grant anticipation

revenue vehicle (GARVEE), funds appropriated by the state or federal

government, and any other funds pledged for their payment, for the

purpose of paying all or any cost of a project, and to refund any of its

bonds;

(d) 1. To fix, revise, charge, and collect tolls for transit over any project

constructed by it, and for any ancillary or connector routes affected

by the project.

2. No tolls shall be authorized by any developing or issuing authority

as a part of any development agreement or any financial plan for:

a. Any project involving the federal interstate highway system that

connects the Commonwealth with the State of Ohio; or

b. Any project constituting a fully or partially controlled highway,

whether or not involving the federal interstate highway system,

that connects the Commonwealth with the State of Ohio,

including but not limited to a qualifying highway that constitutes

a bypass of a major metropolitan area;

(e) To establish and enforce rules and regulations for the use of a project;

(f) To acquire and hold any of the following in the name of the developing

authority, and to dispose of them as the developing authority deems

necessary:

1. Real and personal property, including lands and structures;

2. Rights;

3. Rights-of-way;

4. Franchises;

5. Easements and other interests in lands, including lands lying under

water and riparian rights; and

6. Any other item or asset necessary to accomplish its mission;

(g) To designate the locations and establish, limit, and control points of

access to the project, and to prohibit access to the project from any

undesignated point;

(h) To make and enter into contracts and agreements in the performance of

duties and the execution of powers under this chapter;

(i) To employ any consultants and to fix their compensation;

(j) To receive and accept contributions and grants from any source for or in

aid of the construction of a project or the operation of the developing or

issuing authority;

(k) To accept interest rate subsidies, rebates, tax credits, or guarantees as

provided in the American Recovery and Reinvestment Act of 2009, or as

may be provided in subsequent federal legislation providing support to or

credit enhancement of governmental obligations;

(l) To expend any funds provided under this chapter in advertising the

facilities and services of a project to the traveling public;

(m) To enter into lease agreements with the department; and

(n) To do acts necessary or convenient to carry out the powers expressly

granted in this chapter.

(2) Projects may be developed in conjunction with other road development efforts

of the Commonwealth that are in compliance with Federal Highway

Administration requirements.

(3) Projects developed pursuant to this chapter shall:

(a) Comply with the requirements of KRS Chapters 45A, 174, and 176;

(b) Be included in the most recently enacted biennial highway construction

plan; and

(c) Comply with all relevant requirements of the Federal Highway

Administration.