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45A.867 Emergency procedure.
(1)
(2)
(3)
(4)
Notwithstanding the other provisions of KRS 45A.840 to 45A.879, this section
shall govern the selection of an underwriter or a bond counsel in the case of a
bona fide emergency.
A bona fide emergency shall be deemed to exist only where the executive
director has certified to the secretary of the Finance and Administration Cabinet
that an emergency, threatening substantial interests of the Commonwealth,
has arisen from:
(a) A change in the federal tax law; or
(b) A situation other than a change in the federal tax law, and the secretary
of the Finance and Administration Cabinet has stated in writing that he
has independently concluded that the situation constitutes an emergency
which threatens substantial interests of the Commonwealth.
(a) The cabinet secretary shall forward to the Capital Projects and Bond
Oversight Committee the certificate created pursuant to subsection (2)(a)
of this section or the certificate and the secretary's independent
conclusion written pursuant to subsection (2)(b) of this section.
(b) The secretary shall also confer with the executive director to determine
what measures should be taken to select an underwriter or a bond
counsel.
Within thirty (30) days of the selection of an underwriter or a bond counsel
pursuant to this section, the executive director, or his designee, shall appear
before the Capital Projects and Bond Oversight Committee to report on the
emergency selection. The report shall include:
(a) The materials referred to in subsection 3(a) of this section;
(b) His own description of the bona fide emergency;
(c) The procedure used for selecting the underwriter or bond counsel;
(d) The nature of the services that the underwriter or bond counsel will
provide;
(e) The length of time for which the firm will provide these services; and
(f) The costs connected with employing the underwriter or bond counsel.
Effective:July 15, 1994
History: Created 1994 Ky. Acts ch. 409, sec. 9, effective July 15, 1994.
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