2016 Kentucky Revised Statutes CHAPTER 154 - DEVELOPMENT Subchapter 12 - Cabinet for Economic Development 154.12-100 Economic development bonds -- Target for projects for recycled materials.
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154.12-100
Economic development bonds -- Target for projects for recycled
materials.
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"Economic development bonds" means the bond program authorized by the General
Assembly for the purpose of promoting economic development within the state.
The economic development bond program shall be administered by the secretary of
the Cabinet for Economic Development. The board shall promulgate administrative
regulations in accordance with KRS Chapter 13A for project selection criteria. The
project selection criteria shall include, but not be limited to, the following:
(a) Potential job creation or job retention;
(b) Degree of public or private and local involvement;
(c) Degree and conditions of project payback; and
(d) Provision of child care assistance for employees' dependents aged twelve (12)
years and younger. For the purpose of this section, child care assistance means
onsite child care, child care information and referral, the purchasing of child
care through vouchers or contracts, and any other form of child care assistance
deemed applicable by the secretary.
Prior to submission of an economic development bond project to the Capital
Projects and Bond Oversight Committee, the secretary of the Cabinet for Economic
Development shall receive a written commitment from the public or private
organization which has requested state bonds outlining projected job creation and
retention, an investment breakdown, and overall project description. This shall be
submitted by the secretary to the Capital Projects and Bond Oversight Committee.
Subsequently, the secretary of the Cabinet for Economic Development shall execute
a written agreement with the public or private organizations involved expressing in
detail the respective obligations on the parties, which shall thereafter be
automatically forwarded to the committee for its records.
Projects of state agencies as defined in KRS 42.005 shall not be eligible for funding
from the economic development bond program, unless expressly provided in a
branch budget bill. Airport construction and renovation projects shall be eligible for
funding under this section. The secretary of the Cabinet for Economic Development
shall consult with the secretary of the Finance and Administration Cabinet on the
terms and conditions relating to the use of state economic development bonds
before any commitment is made on any project to any public or private
organization. Before any economic development bonds are issued, the proposed
bond issue shall be approved by the board, and the State Property and Buildings
Commission, under the provisions of KRS 56.450.
Following the approval by the board, the project shall be presented by the secretary
of the Cabinet for Economic Development or his designee with supporting
documentation for review and approval at the next regularly scheduled meeting of
the Capital Projects and Bond Oversight Committee pursuant to KRS 45.810 and at
the next regularly scheduled meeting of the State Property and Buildings
Commission.
Notwithstanding the provisions of KRS 56.872(3), the amount of economic
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development bonds issued during any biennium shall not exceed the amount stated
in the biennial budget.
The Cabinet for Economic Development shall submit an annual report to the
Capital Projects and Bond Oversight Committee, and to the Governor and
Legislative Research Commission as required in KRS 154.12-2035, showing the
economic development bonds issued during the previous fiscal year and the
amounts paid back and the balance still owing with respect to loans made by the
Cabinet for Economic Development with proceeds of economic development bonds
during the previous five (5) fiscal years.
Effective: July 15, 2014
History: Amended 2014 Ky. Acts ch. 134, sec. 4, effective July 15, 2014. -- Amended
1996 Ky. Acts ch. 194, sec. 16, effective July 15, 1996. -- Amended 1994 Ky. Acts
ch. 387, sec. 26, effective July 15, 1994. -- Repealed, reenacted, and amended as
KRS 154.12-100, 1992 Ky. Acts ch. 105, sec. 29, effective July 14, 1992. -Amended 1991 (1st Extra. Sess.) Ky. Acts ch. 12, sec. 51, effective February 26,
1991. -- Amended 1990 Ky. Acts ch. 195, sec. 1, effective July 13, 1990; and ch.
267, sec. 1, effective July 13, 1990. -- Created 1988 Ky. Acts ch. 145, sec. 2,
effective July 15, 1988.
2016-2018 Budget Reference. See State/Executive Branch Budget, 2016 Ky. Acts ch.
149, Pt. II, B, (2) at 1100.
Formerly codified as KRS 152.052.
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