{"data":{"id":"us-ky/krs-103.2101","jurisdiction":"us-ky","citation":"KRS 103.2101","heading":"State local debt officer -- Kentucky Private Activity Bond Allocation","body":"Committee -- Review and approval or disapproval of projects -- Statement of\nassurance -- Maximum length of bond authorization.\n(1) It shall be the duty of the state local de bt officer to review only those projects\nauthorized by KRS 103.200(1) (k), (l), (m), and (n), and only off -street parking\nfacilities, cable television, and mass communication facilities as authorized by KRS\n103.200(1)(b), whether by cities, counties, urban-county governments, air boards, or\nriverport authorities. The Kentucky Private Activity Bond Allocation Committee\nshall review only those projects to be issued by the Kentucky Economic\nDevelopment Finance Authority and authorized by KRS 103.200(1) (k), (l ), (m),\nand (n). Such review shall include but need not be limited to the following:\n(a) Whether the project creates long -term economic growth, creates or retains\njobs in a previously designated empowerment or enterprise zone, or aids in the\nprevention or elimination of slums or blight;\n(b) Whether there is substantiating documentation to demonstrate that the project\nplaces an unjustified competitive disadvantage on existing business in the\narea;\n(c) Whether there is substantiating documentation to demonstr ate that normal\ncommercial financing is unavailable for this project or, if available, at what\nrates it must be secured and under what terms and conditions;\n(d) If the project is in accord with the intent of KRS 103.200 to 103.285, this\nsection, and KRS 103.2451; and\n(e) The project's economic soundness.\n(2) If the committee or the state local debt officer finds that the project does not meet\nall of the above listed criteria, it shall deny approval of the project until the\nobjections thereto have been met.\n(3) The committee and the state local debt officer may require the submission of\ntestimony, project data, or any other information deemed appropriate with regard to\nany project submitted to it for approval.\n(4) The committee and the state local debt office r, within fourteen (14) days of\nreceiving application, shall notify in writing the agency or unit of government\nproposing the issuance of bonds, the appropriate county judge/executive, mayor,\nand school superintendent, and the developers of the project of the date on which\nthe project will be considered by the committee at a public hearing. Any person may\nattend the hearing and may personally, or through counsel, address the committee\nwith regard to the project and make recommendations to the committee ther eon.\nNotice shall be given to the agency or unit of government proposing to issue the\nbonds and the developers of the project not less than forty -five (45) days before the\ndate the committee has set for the hearing on the project. The agency or unit of\ngovernment proposing the issuance of the bonds shall publish notice of the hearing\nin the manner required by KRS Chapter 424. The agency or unit of government\nproposing the issuance of the bonds shall require the developer of the project (if it is\nother than the agency or unit of government) to reimburse the agency or unit of\ngovernment for the cost of the advertising required herein. A hearing officer may\nconduct the hearing with a proposed order to the committee or the state local debt\nofficer.\n(5) The commi ttee and the state local debt officer shall have the right to approve or\ndisapprove any project submitted to it, and over which it has jurisdiction as\ndescribed in subsection (1) of this section, and no bonds or other evidence of\nindebtedness for any such project shall be issued until the project has been approved\nby the committee.\n(6) When the revenues of the respective local government or school district are\nnegatively impacted by the project, the committee and the state local debt officer\nshall require s ubmission of a written statement of assurance that the appropriate\ncounty judge/executive, mayor, and school superintendent are in agreement with the\nnegotiated financial arrangement. This written statement of assurance shall be used\nfor advisory purposes.\n(7) The maximum length of any bond authorization under this section shall not exceed\nthe anticipated useful life of the building or equipment purchased or forty (40)\nyears, whichever is shorter.","path":["KRS Chapter 103"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48656","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:07Z","sha256":"11d9aa44f7ac3153822dbad305dee75b26c141a1a0c7801fde71e97f912c4b78","source_id":"us-ky","stale":false,"prev":"us-ky/krs-103.210","next":"us-ky/krs-103.215"},"notice":"GroundRules: Original legal text. Not legal advice."}