2016 Kentucky Revised Statutes CHAPTER 45A - KENTUCKY MODEL PROCUREMENT CODE .850 Selection of underwriter and bond counsel for various agencies -- Comanaging underwriters -- Review by Capital Projects and Bond Oversight Committee.
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45A.850
Selection of underwriter and bond counsel for various agencies -Comanaging underwriters -- Review by Capital Projects and Bond Oversight
Committee.
(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
(3)
(4)
(5)
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 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. For specific bond transactions
under subsection (1) of this section, the executive director may recommend to the
secretary of the Finance and Administration Cabinet as a managing underwriter the
Kentucky underwriter which received the highest score for its proposal pursuant to
this section. 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.
If the executive director recommends to the secretary of the Finance and
Administration Cabinet a Kentucky underwriter as provided by subsection (4) of
this section, and the secretary orders that procurement proceed pursuant to KRS
45A.857, the requirements, review, and recommendation of the Capital Projects and
Bond Oversight Committee as provided by KRS 45.810 shall apply.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 81, sec. 1, effective June 24, 2015. -- 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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