{"data":{"id":"us-ky/krs-157.617","jurisdiction":"us-ky","citation":"KRS 157.617","heading":"Creation -- Powers -- Members -- Duties.","body":"(1) An independent corporate agency and instrumentality of the Commonwealth is\nhereby created and established with all the general corporate powers incidental\nthereto. The corporation shall be known as \"The School Facilities Construction\nCommission\" and shall be endowed with perpetual succession and with the power\nto contract and to be contracted with, to sue and be sued, to have and to use a\ncorporate seal, to adopt bylaws and regulations, subject to the provisions of KRS\nChapter 13A, for the orderly conduct of its affairs.\n(2) The commission shall consist of the secretary of the Finance and Administration\nCabinet and eight (8) members appointed by the Governor. The members shall\npossess a knowledge of long -term debt financing or school facility planning and\nconstruction. Appointment shall become effective on January 1 and end on\nDecember 31, except the initial appointments shall become effective when made by\nthe Governor. Members shall serve staggered six (6) year terms, except when\nmaking the initial appointme nts three (3) members shall be appointed for six (6)\nyear terms, three (3) members shall be appointed for four (4) year terms, and two\n(2) members shall be appointed for two (2) year terms. The Governor shall appoint\na chairman and vice chairman for the fi rst year; thereafter a chairman and vice\nchairman shall be elected annually by the membership. The commission may elect\nother officers it considers necessary and shall employ a director and staff necessary\nto manage the program.\n(3) If any of the officers of the commission whose signatures or facsimiles thereof\nappear on any bonds of the commission, or on any other instruments or documents\npertaining to the functions of the commission, shall cease to be such officers before\ndelivery of the bonds, or before the effective date or occasion of such instruments\nor documents, the signatures, and facsimiles thereof, shall nevertheless be valid for\nall purposes the same as if the officers had remained in office until such delivery or\neffective date or occasion.\n(4) Officers, employees, and agents of the commission having custody of money shall\nat all times be bonded to the maximum amount reasonably anticipated to be held at\nany one (1) time; and each bond shall have good corporate surety, provided by a\nsurety company authorized to do business in the Commonwealth, to be approved in\neach instance by the commission. Premiums for such surety shall be paid from the\nbudgeted funds of the commission.\n(5) The commission shall at all times keep and maintain books of record and  account\nreflecting accurately all its financial transactions. The commission shall be audited\nannually and shall submit a written report of its activities to the Governor. A copy\nof each report shall be filed with the Legislative Research Commission.\n(6) Moneys received by the commission as rentals under any lease, and from the sale of\nbonds are declared not to be funds of the Commonwealth, but shall be corporate\nfunds of the commission to be held, administered, invested, and disbursed as trust\nfunds under the terms, provisions, pledges, covenants, and agreements set forth in\nits leases and bond resolutions and bonds.\n(7) The commission and all of its transactions, activities, and proceedings in the\nauthorization and issuance of its bonds, execution of leas es, acceptance of\nconveyances of property, transaction of conveyances of property, and otherwise,\nshall be exempt from all provisions relating to custodianship by the Secretary of\nState of title documents, leases, abstracts of title, maps, and other record s as\nprovided in KRS 56.020 and 56.320. Conveyances of property to or by the\ncommission shall not be deemed to be conveyances to or by the Commonwealth,\nand title to any property acquired by the commission shall be held by the\ncommission in its own name.\n(8) The Finance and Administration Cabinet shall provide technical assistance to the\ncommission in the issuance of bonds.","path":["KRS Chapter 157"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3350","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:02Z","sha256":"e427a21ca7cd99e9c95448dc31a4ddd64a0dbfd78fb5369bbb1786452c056be8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-157.615","next":"us-ky/krs-157.618"},"notice":"GroundRules: Original legal text. Not legal advice."}