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216.807 Agreements by authority for financing of projects.
If the authority deems it suitable, feasible, necessary or expedient that any project or
projects be financed or refinanced and constructed by the authority, the authority
may make one or more written agreements in which the parties may include
provisions as to any of the following:
(1) Identify the project to be financed by the authority, setting forth in general
terms, subject to necessary revision from time to time as the work progresses,
the amount of space, the type of facility, and any other information which is
deemed necessary and proper for the development of the project;
(2) Set forth what portions, if any, of the cost of the project have been or shall
thereafter be contributed by the authority from the funds and other resources
available to it during the then current biennium and not previously obligated,
which may include engineering and any other services performed by the staff
of the cabinet; and that the cabinet, if deemed desirable, shall supervise
construction on behalf of the authority upon terms which are mutually
acceptable;
(3) Set forth agreements for planning, design, acquisition of property, soliciting
construction bids, awarding construction contracts, issuing of work orders, and
such other steps as may be necessary or incidental to the construction of the
project, and authorizing and selling bonds for the project;
(4) Agree that upon completion of the project the lessee will continuously pay all or
part of the cost of repairing, maintaining and operating the project;
(5) Agree that upon the happening of stated events and the performance of stated
conditions not inconsistent with law, the authority shall convey the project to
the lessee;
(6) Set forth the terms and provisions of lease or sale proposed to be entered into
by and between the authority and the cabinet, federal government, county, city,
or any private person or corporation;
(7) Agree that upon determination of the amount of bonds to be issued by the
authority for the project and the interest rate or rates the bonds are to bear, and
prior to the delivery of any bonds to the purchaser thereof, the rental to be paid
during the term of the lease and each annual or biennial term for which the
lease may be renewed shall be established according to a method of
computation set forth therein and in the proposed lease, and that the authority
and the cabinet or other lessee, each by authorized persons, shall execute
such lease and file the original or a signed counterpart thereof in the office of
the authority, and the Secretary of State of the Commonwealth; and
(8) Agree to establish any method of interim financing by the authority during the
construction of any project, with borrowed funds from any bank, trust company,
or banking institution, such funds to be amortized from money obtained through
the sale of revenue bonds before, during, or at completion of the construction
of such project or projects.
Effective:June 13, 1968
History: Created 1968 Ky. Acts ch. 132, sec. 4, effective June 13, 1968.
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