2014 Kentucky Revised Statutes CHAPTER 45A - KENTUCKY MODEL PROCUREMENT CODE 45A.850 Selection of underwriter and bond counsel for various agencies -- Comanaging underwriters.
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45A.850 Selection of underwriter and bond counsel for various agencies -Comanaging underwriters.
(1)
(a)
(b)
(2)
(a)
(b)
Pursuant to KRS 45A.853 and 45A.857, one (1) or more underwriters and
one (1) or more bond counsel firms shall be chosen for each of the
following agencies:
1.
Turnpike Authority of Kentucky;
2.
Kentucky Housing Corporation;
3.
Kentucky Infrastructure Authority;
4.
Kentucky Higher Education Student Loan Corporation;
5.
Kentucky River Authority;
6.
Kentucky Agricultural Finance Corporation;
7.
Kentucky Local Correctional Facilities Construction Authority;
8.
State Property and Buildings Commission; and
9.
Kentucky Public Transportation Infrastructure Authority.
The underwriter and the bond counsel chosen for each agency shall
provide their services for all bond issuances over a period of twelve (12)
months from their selection. At the conclusion of the twelve (12) month
period, the executive director may continue the employment of the
underwriter or the bond counsel, on the same terms and conditions, for
another twelve (12) month period. If the employment is not continued, the
choosing of an underwriter or bond counsel, as appropriate, shall be
conducted pursuant to KRS 45A.853 and 45A.857.
Pursuant to KRS 45A.853 and 45A.857, one (1) or more underwriters and
one (1) or more bond counsel firms shall be chosen to provide their
services for all of the following agencies:
1.
School Facilities Construction Commission;
2.
Murray State University;
3.
Western Kentucky University;
4.
University of Louisville when it declines to exercise the authority
granted under KRS 164A.585(1) and 164A.605;
5.
Northern Kentucky University;
6.
Kentucky State University;
7.
University of Kentucky when it declines to exercise the authority
granted under KRS 164A.585(1) and 164A.605;
8.
Morehead State University;
9.
Eastern Kentucky University; and
10. Kentucky Community and Technical College System.
The underwriter and the bond counsel chosen for all of the agencies shall
provide their services for all bond issuances of the agencies for a period
of twelve (12) months from the underwriter's and the bond counsel's
selection. At the conclusion of the twelve (12) month period, the executive
director may continue the employment of the underwriter or the bond
counsel, on the same terms and conditions, for another twelve (12) month
(3)
(4)
period. If the employment is not continued, the choosing of an underwriter
or bond counsel, as appropriate, shall be conducted pursuant to KRS
45A.853 and 45A.857.
Pursuant to KRS 45A.853 and 45A.857, one (1) or more financial advisors,
managing underwriters, and remarketing agents and one (1) bond counsel
shall be chosen for the Kentucky Asset/Liability Commission. The commission
shall enter into agreements with the individuals or entities for a maximum
contract period of twenty-four (24) months. At the conclusion of the contract
period, the executive director may continue the employment of the financial
advisor, underwriter, remarketing agent, or bond counsel for another contract
period, not to exceed twenty-four (24) months. If the employment is not
continued or terminated, the selection of a financial advisor, underwriter,
remarketing agent, or bond counsel, as appropriate, shall be conducted
pursuant to KRS 45A.853 and 45A.857.
The office may select national comanaging underwriters and Kentucky
comanaging underwriters who shall provide national and local marketing
expertise for bond issuances. The executive director shall recommend to the
secretary of the Finance and Administration Cabinet the number of national
and Kentucky comanaging underwriters, if any, to be utilized on each bond
issuance. The executive director shall consider the following issues when
making the recommendations:
(a) Principal amount of bonds being issued;
(b) Structure of the bond issue; and
(c) Composition of expected buyers of the bonds.
Kentucky comanaging underwriters shall be selected pursuant to a request for
proposals. National comanaging underwriters shall be selected pursuant to an
administrative regulation promulgated by the office. Comanaging underwriters
selected pursuant to this subsection shall provide their services to a bond
issuing agency as needed over the appropriate period of time stated in this
section.
Effective:April 11, 2012
History: Amended 2012 Ky. Acts ch. 110, sec. 17, effective April 11, 2012. -Amended 1998 Ky. Acts ch. 92, sec. 2, effective July 15, 1998. -- Amended
1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 35, effective May 30, 1997; and
ch. 4, sec. 13, effective May 30, 1997. -- Amended 1996 Ky. Acts ch. 139,
sec. 2, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 409, sec. 4,
effective July 15, 1994.
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