{"data":{"id":"us-ky/krs-103.286","jurisdiction":"us-ky","citation":"KRS 103.286","heading":"Kentucky Private Activity Bond Allocation Committee.","body":"(1) The Kentucky Private Activity Bond Allocation Committee is established. The\npurpose of the committee shall be to ensure compliance by the Commonwealth, its\npolitical subdivisions, and other authorized issuers within the Commonwealth of\nKentucky, of private activity bonds, as defined in the Internal Revenue Code of the\nUnited States, with the state ceiling on the issuance of the bonds imposed by the\nTax Reform Act of 1986, 26 U.S.C. sec. 146. The committee shall be attached to\nthe Finance and Administration Cabinet for administrative purposes and staff\nservices. The committee shall be composed of the secretary of the Finance and\nAdministration Cabinet, who shall be chairman of the committee; the secretary of\nthe Cabinet for Economic Development; the state bud get director; the state\ncontroller, Finance and Administration Cabinet; and the secretary of the Governor's\nCabinet, or their respective designees.\n(2) The committee shall attempt to allocate the state ceiling of Kentucky in order to\nbest effectuate the is suance of private activity bonds, foster economic development\nwithin the Commonwealth, and promote the general welfare of its citizens and the\npublic purposes of the Commonwealth.\n(a) For each calendar year, during the period in which the issuance of priva te\nactivity bonds is authorized by the federal government, the first fifty percent\n(50%) of the term shall be designated as a period in which the committee shall\nprovide that no less than:\n1. Sixty percent (60%) of the private activity cap be reserved for state bond\nissuance authorities; and\n2. Ten percent (10%) of the private activity cap be reserved for\nmanufacturing facility energy efficiency bonds issued by any issuer\npursuant to KRS 103.282.\n(b) For each calendar year, during the period in which the is suance of private\nactivity bonds is authorized by the federal government, the last fifty percent\n(50%) of the term shall be designated by the committee as the period in which\nthe remaining unallocated cap shall revert to a single pool to be allocated in\naccordance with subsection (3) of this section.\n(3) The secretary of the Finance and Administration Cabinet shall promulgate\nregulations in accordance with KRS Chapter 13A, to provide for the allocation of\nthe state ceiling on private activity bonds among al l issuers of the bonds within the\nCommonwealth of Kentucky.\n(4) No bonds governed by this section shall be issued that are not in compliance with\nthe state ceiling, subsection (2)(a) and (b) of this section, or with the allocation,\napplication, or review p rocedures established by the secretary of the Finance and\nAdministration Cabinet.","path":["KRS Chapter 103"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43476","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:07Z","sha256":"dcd723746770ae199c6c7fd5674a5aa2acf4701752268de16fc294ab96fc8965","source_id":"us-ky","stale":false,"prev":"us-ky/krs-103.285","next":"us-ky/krs-103.287"},"notice":"GroundRules: Original legal text. Not legal advice."}