216.807 Agreements by authority for financing of projects.
If the authority deems it suitable, feasible, necessary or expedient that any project or
projects be financed or refinanced and constructed by the authority, the authority may
make one or more written agreements in which the parties may include provisions as to
any of the following:
(1) Identify the project to be financed by the authority, setting forth in general terms,
subject to necessary revision from time to time as the work progresses, the amount
of space, the type of facility, and any other information which is deemed necessary
and proper for the development of the project;
(2) Set forth what portions, if any, of the cost of the project have been or shall
thereafter be contributed by the authority from the funds and other resources
available to it during the then current biennium and not previously obligated, which
may include engineering and any other services performed by the staff of the
cabinet; and that the cabinet, if deemed desirable, shall supervise construction on
behalf of the authority upon terms which are mutually acceptable;
(3) Set forth agreements for planning, design, acquisition of property, soliciting
construction bids, awarding construction contracts, issuing of work orders, and such
other steps as may be necessary or incidental to the construction of the project, and
authorizing and selling bonds for the project;
(4) Agree that upon completion of the project the lessee will continuously pay all or
part of the cost of repairing, maintaining and operating the project;
(5) Agree that upon the happening of stated events and the performance of stated
conditions not inconsistent with law, the authority shall convey the project to the
lessee;
(6) Set forth the terms and provisions of lease or sale proposed to be entered into by
and between the authority and the cabinet, federal government, county, city, or any
private person or corporation;
(7) Agree that upon determination of the amount of bonds to be issued by the authority
for the project and the interest rate or rates the bonds are to bear, and prior to the
delivery of any bonds to the purchaser thereof, the rental to be paid during the term
of the lease and each annual or biennial term for which the lease may be renewed
shall be established according to a method of computation set forth therein and in
the proposed lease, and that the authority and the cabinet or other lessee, each by
authorized persons, shall execute such lease and file the original or a signed
counterpart thereof in the office of the authority, and the Secretary of State of the
Commonwealth; and
(8) Agree to establish any method of interim financing by the authority during the
construction of any project, with borrowed funds from any bank, trust company, or
banking institution, such funds to be amortized from money obtained through the
sale of revenue bonds before, during, or at completion of the construction of such
project or projects.
Effective: June 13, 1968
History: Created 1968 Ky. Acts ch. 132, sec. 4, effective June 13, 1968.
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