2013 Kentucky Revised Statutes CHAPTER 441 - JAILS AND COUNTY PRISONERS 441.630 Contents of agreement between authority and local government -- Limits of authority's financial participation in projects.
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441.630 Contents of agreement between authority and local government -Limits of authority's financial participation in 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 (1) 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 specifications
and design of the facilities to be constructed, reconstructed, improved, or
repaired, 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.
The authority's contribution from its funds, excluding rentals received under
leases made by the authority and any contribution, grant, or gift made to the
authority by a local government, person, or entity other than the state, for the
use and benefit of the project, shall not exceed ninety percent (90%) of the
cost;
(3) Set forth agreements for planning, design, acquisition of property, soliciting
construction bids, awarding construction contracts, issuing of work orders, and
other steps 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 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 proposed conveyance to be
entered into by and between the authority and any local government, including
the requirement that all new jail construction projects receiving any authority
funding shall provide an agreed upon number of beds for state prisoners at a
rate set by the commissioner of the Department of Corrections but which in no
case shall be less than seventy-five percent (75%) of the actual daily cost of
maintaining a prisoner;
(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, the rental to be paid during
the term of the lease and each term for which the lease may be renewed shall
be established according to a method of computation set forth in the proposed
lease, and that the authority and lessee, each by authorized persons, shall
execute the lease and file the original or a signed counterpart in the office of
the authority, and the Secretary of State of the Commonwealth;
(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, the funds to be amortized from money obtained through
the sale of revenue bonds before, during, or at completion of the construction
(9)
of such project or projects; and
Agree to establish guidelines for the construction, reconstruction, improvement,
or repair of projects determined by the authority to qualify for grants from the
authority.
Effective:July 14, 1992
History: Amended 1992 Ky. Acts ch. 211, sec. 129, effective July 14, 1992. -Amended 1990 Ky. Acts ch. 497, sec. 16, effective July 13, 1990. -- Amended
1984 Ky. Acts ch. 415, sec. 7, effective July 13, 1984. -- Created 1982 Ky. Acts
ch. 235, sec. 6, effective July 15, 1982.
2012-2014 Budget Reference. See State/Executive Branch Budget, 2012 Ky. Acts
ch. 144, Pt. I, H, 5, c, (2) at 1130.
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