KRS § 103.2101 — KY Code / Title IX / Chapter 103 / Section 103.2101
103.2101 State local debt officer -- Kentucky Private Activity Bond Allocation Committee -- Review and approval or disapproval of projects -- Statement of assurance -- Maximum length of bond authorization
Status: in_force

103.2101 State local debt officer -- Kentucky Private Activity Bond Allocation

Committee -- Review and approval or disapproval of projects -- Statement of

assurance -- Maximum length of bond authorization.

(1) It shall be the duty of the state local debt officer to review only those projects

authorized by KRS 103.200(1) (k), (l), (m), and (n), and only off-street parking

facilities, cable television, and mass communication facilities as authorized by KRS

103.200(1)(b), whether by cities, counties, urban-county governments, air boards, or

riverport authorities. The Kentucky Private Activity Bond Allocation Committee

shall review only those projects to be issued by the Kentucky Economic

Development Finance Authority and authorized by KRS 103.200(1) (k), (l), (m),

and (n). Such review shall include but need not be limited to the following:

(a) Whether the project creates long-term economic growth, creates or retains

jobs in a previously designated empowerment or enterprise zone, or aids in the

prevention or elimination of slums or blight;

(b) Whether there is substantiating documentation to demonstrate that the project

places an unjustified competitive disadvantage on existing business in the

area;

(c) Whether there is substantiating documentation to demonstrate that normal

commercial financing is unavailable for this project or, if available, at what

rates it must be secured and under what terms and conditions;

(d) If the project is in accord with the intent of KRS 103.200 to 103.285, this

section, and KRS 103.2451; and

(e) The project's economic soundness.

(2) If the committee or the state local debt officer finds that the project does not meet

all of the above listed criteria, it shall deny approval of the project until the

objections thereto have been met.

(3) The committee and the state local debt officer may require the submission of

testimony, project data, or any other information deemed appropriate with regard to

any project submitted to it for approval.

(4) The committee and the state local debt officer, within fourteen (14) days of

receiving application, shall notify in writing the agency or unit of government

proposing the issuance of bonds, the appropriate county judge/executive, mayor,

and school superintendent, and the developers of the project of the date on which

the project will be considered by the committee at a public hearing. Any person may

attend the hearing and may personally, or through counsel, address the committee

with regard to the project and make recommendations to the committee thereon.

Notice shall be given to the agency or unit of government proposing to issue the

bonds and the developers of the project not less than forty-five (45) days before the

date the committee has set for the hearing on the project. The agency or unit of

government proposing the issuance of the bonds shall publish notice of the hearing

in the manner required by KRS Chapter 424. The agency or unit of government

proposing the issuance of the bonds shall require the developer of the project (if it is

other than the agency or unit of government) to reimburse the agency or unit of

government for the cost of the advertising required herein. A hearing officer may

conduct the hearing with a proposed order to the committee or the state local debt

officer.

(5) The committee and the state local debt officer shall have the right to approve or

disapprove any project submitted to it, and over which it has jurisdiction as

described in subsection (1) of this section, and no bonds or other evidence of

indebtedness for any such project shall be issued until the project has been approved

by the committee.

(6) When the revenues of the respective local government or school district are

negatively impacted by the project, the committee and the state local debt officer

shall require submission of a written statement of assurance that the appropriate

county judge/executive, mayor, and school superintendent are in agreement with the

negotiated financial arrangement. This written statement of assurance shall be used

for advisory purposes.

(7) The maximum length of any bond authorization under this section shall not exceed

the anticipated useful life of the building or equipment purchased or forty (40)

years, whichever is shorter.