KRS 56.861: Kentucky Asset/Liability Commission -- Membership -- Status as public

corporation -- Selection of certain advisors -- Issuance of notes.

(1) There is recognized as an independent agency of the state within the meaning of

KRS Chapter 12, and as a consti tuted authority of the Commonwealth of Kentucky,

a state and a sovereign entity within the meaning of regulations of the United States

Department of Treasury, Internal Revenue Service, a Kentucky Asset/Liability

Commission composed of the secretary of the Finance and Administration Cabinet,

who shall be chair; the Attorney General; the State Treasurer; the executive director

of the Office of the Controller; and the state budget director, or their alternates as

authorized in KRS 56.865. The vice chair shall be elected from among the

membership.

(2) Any three (3) members of the commission, or their alternates, shall constitute a

quorum and shall by a majority vote be authorized to transact any and all business

of the commission.

(3) No member shall receive any salary, fee, or other remuneration for services as a

member of the commission, but each shall be entitled to reimbursement for ordinary

traveling expenses, including meals and lodging, incurred in the performance of the

member's duties.

(4) The commission shall constitute a public body corporate with perpetual succession

and power in name to contract and be contracted with, sue and be sued, adopt

bylaws not inconsistent with KRS 56.860 to 56.869, have and use a corporate seal,

and exercise all of the power s granted private corporations generally in KRS

Chapter 271B, except as the same may be inconsistent with KRS 56.860 to 56.869.

(5) The selection of bond counsel, senior managing underwriter, or financial advisor to

the commission shall be subject to the provisions of KRS 45A.840 to 45A.879.

(6) Notes issued pursuant to KRS 56.860 to 56.869 may be sold on a competitive or

negotiated sale basis.