KRS 45A.843: Selection committees.

(1) One (1) or more selection committees shall be created in the Office of Financial

Management. Each selection committee shall have the authority to participate in the

selection of both underwriters and bond counsel.

(2) Except as provided in KRS 45A.867 and 45A.870, a selection committee shall

participate in every instance of a bond issuing agency hiring an underwriter or bond

counsel on behalf of a bond issuing agency.

(3) A selection committee created in the office shall consist of the following six (6) or

more members selected in the manner specified within each paragraph:

(a) Three (3) employees of the office other than the executive director. The

executive director shall select the three (3) employees;

(b) Two (2) employees of the bond issuing agency appo inted by the head of that

agency to participate in the hiring of an underwriter or a bond counsel for that

agency. However, at the discretion of the head of the bond issuing agency, he

may substitute for one (1) of his employees an employee of the agency w hose

project will be funded by the bond proceeds; and

(c) One (1) or more merit employees of the Auditor of Public Accounts,

appointed by the Auditor. The merit employees shall serve as nonvoting

members of the committee. If one (1) employee is appointed, then that

employee shall attend all committee proceedings. If more than one (1)

employee is appointed, then at least one (1) of the employees shall attend any

committee proceeding.

(4) (a) All selection committee members shall have experience which qualifi es them

to serve on the committee.

(b) Any individual appointed to serve by the executive director or the Auditor of

Public Accounts shall serve an initial one (1) year term and may be

reappointed to serve for additional successive one (1) year terms. He s hall

serve until his successor is appointed and qualified. A successor or a

replacement, in the case of a vacancy, shall be appointed in the same manner

as the initial appointee.

(c) A selection committee member appointed by the head of a bond issuing

agency shall serve for the duration of the selection committee's participation in

the hiring of an underwriter and a bond counsel for his agency. A replacement,

in the case of a vacancy, shall be appointed in the same manner as the initial

appointee.