2013 Kentucky Revised Statutes CHAPTER 26A - COURT OF JUSTICE 26A.162 Determination of use allowance -- Presumption of twenty year bond issue -- Standards for longer term of issue -- Legislative oversight.
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26A.162 Determination of use allowance -- Presumption of twenty year bond
issue -- Standards for longer term of issue -- Legislative oversight.
(1)
(2)
(3)
The use allowance in the judicial branch budget recommendation submitted
under KRS 48.100 shall be determined as if bonds will be issued for a term of
twenty (20) years at the prevailing market rate, computed from the estimated
date that the Court of Justice will occupy the facility. If the market rate for the
bonds has increased when the bonds are to be sold, the director of the
Administrative Office of the Courts may approve an extension in the bond term,
up to a total of twenty-five (25) years, but only as necessary to keep the annual
use allowance within the budgeted amount. All bonds issued by any local unit
of government for court facilities projects shall be limited to the term approved
by the Administrative Office of the Courts.
Before approving any bond issue for a term exceeding twenty-five (25) years,
the director of the Administrative Office of the Courts shall submit a proposal
for the extended term to the Interim Joint Committee on Appropriations and
Revenue and the Capital Projects and Bond Oversight Committee. The
proposal shall include a statement of the necessity for the extended bond term
and the impact of the extended term on the project's budgeted scope and
authorized annual use allowance.
Within thirty (30) days after receiving a proposal to extend a bond term beyond
twenty-five (25) years, the Interim Joint Committee on Appropriations and
Revenue and the Capital Projects and Bond Oversight Committee shall either
approve or disapprove the proposal and shall then promptly notify the director
of the Administrative Office of the Courts. If either committee disapproves the
proposal, the director of the Administrative Office of the Courts shall take one
(1) of the following actions and shall notify the committee of its decision in
writing within thirty (30) days:
(a) Disapprove and take no further action on the proposal;
(b) Revise the proposal to comply with the committee's objections; or
(c) Determine to approve and proceed with the proposal over the
committee's objection.
Effective:July 14, 2000
History: Created 2000 Ky. Acts ch. 496, sec. 3, effective July 14, 2000.
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