2014 Kentucky Revised Statutes CHAPTER 103 - REVENUE BONDS FOR MISCELLANEOUS CITY OR COUNTY PROJECTS 103.286 Kentucky Private Activity Bond Allocation Committee.
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103.286 Kentucky Private Activity Bond Allocation Committee.
(1)
(2)
(3)
(4)
The Kentucky Private Activity Bond Allocation Committee is established. The
purpose of the committee shall be to ensure compliance by the
Commonwealth, its political subdivisions, and other authorized issuers within
the Commonwealth of Kentucky, of private activity bonds, as defined in the
Internal Revenue Code of the United States, with the state ceiling on the
issuance of the bonds imposed by the Tax Reform Act of 1986, 26 U.S.C. sec.
146. The committee shall be attached to the Finance and Administration
Cabinet for administrative purposes and staff services. The committee shall be
composed of the secretary of the Finance and Administration Cabinet, who
shall be chairman of the committee; the secretary of the Cabinet for Economic
Development; the state budget director; the state controller, Finance and
Administration Cabinet; and the secretary of the Governor's Cabinet, or their
respective designees.
The committee shall attempt to allocate the state ceiling of Kentucky in order to
best effectuate the issuance of private activity bonds, foster economic
development within the Commonwealth, and promote the general welfare of its
citizens and the public purposes of the Commonwealth.
(a) For each calendar year, during the period in which the issuance of private
activity bonds is authorized by the federal government, the first fifty
percent (50%) of the term shall be designated as a period in which the
committee shall provide that no less than:
1.
Sixty percent (60%) of the private activity cap be reserved for state
bond issuance authorities; and
2.
Ten percent (10%) of the private activity cap be reserved for
manufacturing facility energy efficiency bonds issued by any issuer
pursuant to KRS 103.282.
(b) For each calendar year, during the period in which the issuance of private
activity bonds is authorized by the federal government, the last fifty
percent (50%) of the term shall be designated by the committee as the
period in which the remaining unallocated cap shall revert to a single pool
to be allocated in accordance with subsection (3) of this section.
The secretary of the Finance and Administration Cabinet shall promulgate
regulations in accordance with KRS Chapter 13A, to provide for the allocation
of the state ceiling on private activity bonds among all issuers of the bonds
within the Commonwealth of Kentucky.
No bonds governed by this section shall be issued that are not in compliance
with the state ceiling, subsection (2)(a) and (b) of this section, or with the
allocation, application, or review procedures established by the secretary of the
Finance and Administration Cabinet.
Effective:July 15, 2014
History: Amended 2014 Ky. Acts ch. 131, sec. 6, effective July 15, 2014. -Amended 1998 Ky. Acts ch. 170, sec. 1, effective March 27, 1998. -- Amended
1994 Ky. Acts ch. 508, sec. 41, effective July 15, 1994. -- Amended 1990 Ky.
Acts ch. 358, sec. 1, effective July 13, 1990; and ch. 484, sec. 6, effective July
13, 1990. -- Amended 1988 Ky. Acts ch. 352, sec. 1, effective July 15, 1988. -Created 1986 Ky. Acts ch. 340, sec. 1, effective July 15, 1986.
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