350.710 Powers of commission.
The Bond Pool Commission shall: <br>(1) Review, in accordance with the applicable administrative regulations of the cabinet,
all applications for membership in the bond pool and assign a rating to each <br>applicant for membership. The commission shall deny membership to any applicant <br>who fails to satisfy the eligibility criteria set forth in KRS 350.720;
(2) Review all applications by bond pool members and recommendations by the bond
pool administrator for revision of an assigned rating. The review shall include <br>evaluation of the bond pool member's performance of reclamation requirements in <br>this chapter and the administrative regulations promulgated pursuant thereto and <br>consideration of the member's payment of fees and penalties assessed pursuant to <br>KRS 350.725;
(3) Notify bond pool members of suspension or reinstatement of the tonnage fee
required by KRS 350.725(2);
(4) Revoke or reinstate memberships in the bond pool and notify any member of the
bond pool whose membership is revoked or reinstated;
(5) Employ, in accordance with KRS 45A.690 et seq., a certified public accountant to
perform an audit of the bond pool fund for each of the first two (2) years after July <br>15, 1986. After the initial two (2) years, an audit shall be made no less than <br>biennially. Audit results shall be reported to the Bond Pool Commission and to the <br>Governor;
(6) Employ, in accordance with KRS 45A.690 et seq., a qualified actuary to perform an
actuarial study no less than every three (3) years;
(7) Authorize expenditures from the bond pool necessary to carry out the purposes of
KRS 350.700 to 350.755, including the procurement of legal services for the <br>commission;
(8) Report to the Governor no later than December 31 of each year as to the financial
status of the bond pool; and
(9) Determine the amount of coverage provided for properties in the Abandoned Mine
Land Enhancement Program under KRS 350.595.
Effective: July 13, 1990 <br>History: Amended 1990 Ky. Acts ch. 210, sec. 9, effective July 13, 1990; and ch. 496,
sec. 65, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 397, sec. 4, effective <br>July 15, 1988. -- Created 1986 Ky. Acts ch. 137, sec. 3, effective July 15, 1986.
Legislative Research Commission Note (7/13/90) This section was amended by two
1990 Acts which do not appear to be in conflict and have been compiled together.
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