2014 Kentucky Revised Statutes CHAPTER 45A - KENTUCKY MODEL PROCUREMENT CODE 45A.877 Reimbursement of underwriters for counsel retained by them for bond issuance -- Prohibition against state employee's recommending selection.
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45A.877 Reimbursement of underwriters for counsel retained by them for
bond issuance -- Prohibition against state employee's recommending
selection.
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The office shall establish and maintain a schedule of rates at which
underwriters will be reimbursed for fees and expenses of counsel they retain
for a bond issuance.
Employees of the Commonwealth shall be prohibited from directly or indirectly
recommending the selection of the underwriter's counsel. This section shall not
be deemed to prohibit the creation of a list of qualified firms to assist
underwriters in the selection of their counsel or from otherwise making general
information regarding law firms available to underwriters.
For each bond issuance, the secretary of the Finance and Administration
Cabinet and the executive director shall certify to the Capital Projects and Bond
Oversight Committee that neither they, or, to the best of their knowledge,
anyone involved in the selection process, attempted to recommend the hiring
of any law firm by an underwriter.
If the Capital Projects and Bond Oversight Committee determines that an
employee of the Commonwealth has, at the request of a law firm,
recommended the selection of an underwriter's counsel relating to a bond
issuance in an attempt to exercise influence on the selection process, the
committee shall recommend to the secretary of the Finance and Administration
Cabinet that the firm be prohibited from serving as bond counsel or
underwriter's counsel for a bond issuance for a period of two (2) years,
commencing on the date of the determination. The secretary shall follow the
recommendation or submit the reasons for not following the recommendation in
writing to the committee.
Effective:July 15, 1994
History: Created 1994 Ky. Acts ch. 409, sec. 12, effective July 15, 1994.
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