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103.210 Issuance of bonds.
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In order to promote the economic development of the Commonwealth, to relieve
conditions of unemployment, to encourage the increase of industry in this state, and
to aid in the retention of existing industry through improved energy efficiency in
manufacturing facilities, or through conversion of energy facilities to more readily
available fuels, any city or county may borrow money and issue negotiable bonds
for the purpose of defraying the cost of acquiring any industrial building or
pollution control facility, either by purchase or construction, but only after an
ordinance or resolution has been adopted by the legislative body of the city or the
fiscal court of the county, or by the Kentucky Economic Development Finance
Authority, if requested by the legislative body of the city or the fiscal court of the
county, as the case may be, specifying the proposed undertaking, the maximum
amount of bonds to be outstanding at any one (1) time, and the maximum rate of
interest the bonds are to bear. This section shall not be deemed to require, however,
that such ordinance or resolution be adopted prior to interim financing of the
project, if such interim financing was undertaken by the proposed lessee corporation
upon the basis of discussions between the corporation and responsible officials of
the issuer which were later formally ratified by the appropriate governing body of
the issuer.
The ordinance or resolution shall further provide that the industrial building or the
pollution control facility is to be acquired pursuant to the provisions of KRS
103.200 to 103.285. Each such bond-authorizing ordinance or resolution shall be
effective only after publication, in a newspaper authorized to publish official
advertisements for the issuer, of the title to said ordinance or resolution, together
with a statement signed by the clerk of the issuer setting forth the maximum amount
of bonds to be outstanding at any one (1) time, the name of the lessee corporation,
and the fact that the bonds are to be retired from the proceeds of either the lease
payments as set forth in KRS 103.200 to 103.285, inclusive, or the loan payments or
sale payments in the event the industrial building financing transaction is carried out
pursuant to a loan agreement, sale agreement, or other tax incentive agreement. No
publication of the complete ordinance or resolution shall be required, but said
ordinance or resolution shall be entered upon the records of the issuer and shall be
available for public inspection.
Any industrial buildings financed by bonds pursuant to KRS 103.200 to 103.285
and leased in connection with the bond financing from a tax-exempt governmental
unit, or tax-exempt statutory authority, shall require the prior approval by the
Kentucky Economic Development Finance Authority of the reduced ad valorem tax
for industrial buildings under KRS 132.020, the standards for which the Kentucky
Economic Development Finance Authority shall establish through its operating
procedures or by the promulgation of administrative regulations in accordance with
KRS Chapter 13A. The authority shall consider, along with other indicators, when
establishing standards, the number of jobs to be created, the amount of capital to be
invested, and the wages and benefits to be paid.
The Kentucky Economic Development Finance Authority, any air board established
pursuant to KRS 183.132, and any riverport authority established as provided in
KRS 65.510 to 65.650, inclusive, shall have and possess all power and authority
granted to cities and counties by the provisions of KRS 103.200 to 103.285,
excluding condemnation powers under KRS 103.245, for the financing of industrial
buildings. For such purposes, the terms "city," "county," and "issuer" as used in
KRS 103.200 to 103.285, inclusive, shall also mean and refer to the Kentucky
Economic Development Finance Authority, any air board established pursuant to
KRS 183.132, and any riverport authority established as provided in KRS 65.510 to
65.650. The power and authority granted to the Kentucky Economic Development
Finance Authority, any air board, and any riverport authority shall be and constitute
an additional and alternative grant of power and authority to such governmental
agencies, and shall not be construed as being in derogation of any other powers
vested in each of such governmental agencies.
Effective: July 15, 2014
History: Amended 2014 Ky. Acts ch. 131, sec. 3, effective July 15, 2014. -- Amended
2002 Ky. Acts ch. 338, sec. 16, effective July 15, 2002. -- Amended 1992 Ky. Acts
ch. 105, sec. 67, effective July 14, 1992. -- Amended 1984 Ky. Acts ch. 122, sec. 2,
effective July 13, 1984. -- Amended 1980 Ky. Acts ch. 339, sec. 2, effective July 15,
1980. -- Amended 1978 Ky. Acts ch. 95, sec. 2, effective June 17, 1978. -- Amended
1976 Ky. Acts ch. 214, sec. 2. -- Amended 1970 Ky. Acts ch. 64, sec. 2. -- Amended
1962 Ky. Acts ch. 268, sec. 2. -- Created 1946 Ky. Acts ch. 58, sec. 2.
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