2012 Kentucky Revised Statutes CHAPTER 224A KENTUCKY INFRASTRUCTURE AUTHORITY 224A.306 Conditions for receiving assistance from fund for water-related infrastructure projects.
Download as PDF
224A.306 Conditions for receiving assistance from fund for water-related
infrastructure projects.
(1)
(2)
(3)
(4)
(5)
The authority shall require the following as conditions for receiving assistance from
any fund administered by the authority for infrastructure projects related to water
service:
(a) Establishment and use of a financial accounting system that accounts for the
operations of water treatment and distribution separately from all other
operations of the applicant;
(b) Establishment of service rates based upon the cost of providing the service;
and
(c) An agreement that the authority may require an audit to be conducted of the
applicant at least once every two (2) years.
The authority shall require all applicants within a class to use the same accounting
system. The authority may accept present accounting systems in use and applied
uniformly to all applicants within a class, for example, the uniform system of
accounts established by the National Association of Regulatory Utility
Commissioners.
The authority may assist water providers to establish accounting systems that meet
the requirements of this section. The authority may provide assistance by paying for
third-party private contractors or assistance from the Kentucky Auditor of Public
Accounts.
The authority may pay for costs related to establishing a new uniform accounting
system for the use of governmental agencies that merge or consolidate their water
services if:
(a) The merging or consolidating entities use different accounting systems;
(b) The merger or consolidation is consistent with a 2020 water management
planning council plan as reviewed and prioritized under KRS 151.607; and
(c) At least one (1) governmental agency water system is a partner in the merger
or consolidation.
The authority may fund the requirements of this section from the 2020 water service
account.
Effective: July 14, 2000
History: Created 2000 Ky. Acts ch. 529, sec. 8, effective July 14, 2000.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.