{"data":{"id":"us-ky/krs-184.350","jurisdiction":"us-ky","citation":"KRS 184.350","heading":"Definitions for KRS 184.350 to 184.395.","body":"As used in KRS 184.350 to 184.395:\n(1) \"Administrative agent\" means a bank, trust company, or other person which has\nresponsibility for authenticating, delivering, or redeeming commercial paper on\nbehalf of the issuer;\n(2) \"Agent\" means, as applicable, one (1) or more of the persons who are administrative\nagents, indexing agents, remarketing agents, or other persons having responsibility\nfor performing functions with respect to floating rate interest structures or put\narrangements;\n(3) \"Bond proceedings\" means the resolutions, trust agreements, certifications, notices,\nsale proceedings, leases, lease -purchase agreements, assignments, credit\nenhancement facility agreements, and other agreements, instruments, and\ndocuments, as amended and supplemented, or any one (1) or more of a combination\nthereof, authorizing, or authorizing and providing for the terms and conditions\napplicable to, or providing for the security or sale or award or liquidity of, bonds,\nand includes the provisions set forth or incorporated in those bonds and bond\nproceedings;\n(4) \"Bond service charges\" means principal, including any mandatory sinking fund or\nmandatory redemption requirements for retirement of bonds, interest, and any\nredemption premium payable on bonds, as those payments come d ue and are\npayable to the bondholder or to a person making payment under a credit\nenhancement facility of those bond service charges to a bondholder;\n(5) \"Bond service fund\" means the applicable fund created by the bond proceedings for\nand pledged to the payment of bond service charges on bonds provided for by those\nproceedings, including all moneys, investments, and earnings from investments,\ncredited and to be credited to that fund as provided in the bond proceedings;\n(6) \"Bonds\" means bonds, notes, inclu ding notes anticipating bonds or other notes,\ncommercial paper, certificates of participation, or other evidences of obligation,\nincluding any interest coupons pertaining thereto, issued pursuant to KRS 184.350\nto 184.395;\n(7) \"Commercial paper\" means bonds with one (1) or more maturities of three hundred\nsixty-five (365) days or less which, under the bond proceedings, are expected to be\nfunded by the issuance of additional bonds with maturities of three hundred sixty -\nfive days (365) or less, whether or not ultimately funded with long term bonds;\n(8) \"Cost\" as applied to the construction of a project, includes:\n(a) The cost of construction, including bridges over or under existing highways\nand railroads;\n(b) Acquisition of all property required by the district for such construction;\n(c) Demolishing or removing any buildings or structures on acquired land,\nincluding the cost of acquiring any lands to which buildings or structures may\nbe moved, site clearance, improvement, and preparation;\n(d) Diverting highways, interchanges with highways, and access roads to private\nproperty, including the cost of necessary land or easements;\n(e) All machinery, furnishings, and equipment, communications facilities,\nfinancing expenses, and interest prior to and during construction and for one\n(1) year after completion of construction;\n(f) Traffic estimates; indemnity, surety bonds, and premiums on i nsurance;\nguarantees; engineering; feasibility studies; legal expenses; plans;\nspecifications; surveys; estimates of cost and revenues; and other expenses\nnecessary or incidental to determining the feasibility or practicability of\nconstructing a project;\n(g) Other expenses as may be necessary or incidental to the construction of the\nproject and the financing of such construction; and\n(h) Any obligation or expense incurred by any governmental agency or person for\nsurveys, borings, preparation of plans and sp ecifications, and other\nengineering services, or any other cost described in this subsection, in\nconnection with the construction of a project, which may be regarded as part\nof the cost of the project and reimbursed from revenues, taxes, or the proceeds\nof bonds as authorized by KRS 184.350 to 184.395;\n(9) \"Credit enhancement facilities\" means letters of credit; lines of credit; standby,\ncontingent, or firm securities purchase agreements; insurance, or surety\narrangements; guarantees, and other arrangements  that provide for direct or\ncontingent payment of bond service charges, for security or additional security in\nthe event of nonpayment or default in respect of bonds, or for making payment of\nbond service charges and at the option and on demand of bondhold ers or at the\noption of the district or upon certain conditions occurring under put or similar\narrangements, or for otherwise supporting the credit or liquidity of the bonds, and\nincludes credit, reimbursement, marketing, remarketing, indexing, carrying, i nterest\nrate hedge, and subrogation agreements, and other agreements and arrangements for\npayment and reimbursement of the person providing the credit enhancement facility\nand the security for that payment and reimbursement;\n(10) \"Financing expenses\" means  all costs and expenses relating to the authorization,\nissuance, sale, delivery, authentication, deposit, custody, clearing, registration,\ntransfer, exchange, fractionalization, replacement, payment, and servicing of bonds,\nincluding without limitation cos ts and expenses for or relating to publication and\nprinting, postage, delivery, preliminary and final official statements, offering\ncirculars, and informational statements, travel and transportation, underwriters,\nplacement agents, investment bankers, payi ng agents, registrars, authenticating\nagents, remarketing agents, custodians, clearing agencies or corporations, securities\ndepositories, financial advisory services, certifications, audits, federal or state\nregulatory agencies, accounting and computation services, legal services and\nobtaining approving legal opinions and other legal opinions, credit ratings,\nredemption premiums, and credit enhancement facilities;\n(11) \"Floating rate interest structure\" means provisions in the bond proceedings whereby\nthe i nterest rate or rates payable on the bonds, or upon successive series of\ncommercial paper, vary from time -to-time pursuant to or in relation to an index\nprovided by an indexing agent or otherwise established, a formula, base, publicly\nannounced rate, yields on other obligations, determinations of an agent, or any one\n(1) or combination of the foregoing, with or without approval or consent of the\nabsolute obligor or issuer as provided in the bond proceedings;\n(12) \"Governmental agency\" means a department, di vision, or other unit of state\ngovernment; a county, city, municipal corporation or other political subdivision; a\nregional transit authority or regional transit commission created under KRS Chapter\n96A; a port authority created under KRS 65.510 to 65.650;  and the United States or\nany agency thereof;\n(13) \"Highway\" has the same meaning as in KRS 189.010;\n(14) \"Indexing agent\" means a person with responsibility for establishing, adjusting, and\nmaintaining an index of interest rates or yields for purposes of a floating rate\ninterest structure;\n(15) \"Interest rate hedge\" means any arrangement:\n(a) By which either:\n1. The different interest costs or receipts at, between, or among fixed or\nfloating interest rates, including at different floating interest rates, a re\nexchanged on stated amounts of bonds or investments, or on notional\namounts; or\n2. A party will pay interest costs in excess of an agreed limitation; and\n(b)  Which also may include a requirement for the issuer to issue bonds at a future\ndate. This requ irement shall be deemed to be part of the bond proceedings at\nthe time the interest rate hedge is entered into. Issuance of bonds at a future\ndate shall not require further legislative action, but shall be a ministerial act;\n(16) \"Interest rate period\" means that period of time during which an interest rate or rates\nestablished under a floating rate interest structure will pertain, which periods may\nbe altered or become fixed pursuant to the bond proceedings upon stated\noccurrences or upon determination of the absolute obligor or issuer;\n(17) \"Interstate system\" means that portion of the interstate highway system, or the\nnational highway system, located within the Commonwealth;\n(18) \"Net revenues\" means revenues lawfully available to pay both current operati ng\nexpenses of a district and bond service charges in any fiscal year or other specified\nperiod, less current operating expenses of the district and any amount necessary to\nmaintain a working capital reserve for that period;\n(19) \"Outstanding,\" as applied to bonds, means outstanding in accordance with the terms\nof the bonds and the applicable bond proceedings;\n(20) \"Owner\" includes any person having any title or interest in any property authorized\nto be acquired by a district under KRS 184.350 to 184.395\n(21) \"Pledged revenues\" means net revenues, moneys and investments, and earnings on\nthose investments, in the applicable bond service fund and any other special funds,\nand the proceeds of any bonds issued for the purpose of refunding prior bonds, all\nas lawfully available and by resolution of the district committed for application as\npledged revenues to the payment of bond service charges on particular issues of\nbonds;\n(22) \"Project\" means:\n(a) A highway or parking facility;\n(b) Freight rail tracks and necessarily related freight rail facilities;\n(c) Other transportation projects constructed or improved under KRS 184.350 to\n184.395 and includes all bridges, tunnels, overpasses, underpasses,\ninterchanges, or approaches that are determined by the district to be necessary\nfor the safe merging of traffic between the project and those highways;\n(d) Service facilities, and administration, storage, and other buildings, property,\nand facilities, that the district considers necessary for the operation of the\nproject; and\n(e) All property and rights that must be acquired by the district for the\nconstruction, maintenance, or operation of the project;\n(23) \"Property\" includes interests in property;\n(24) \"Put arrangement\" means provisions in the bond proceedings under which holders\nof the applicable bonds may exercise an option, or are required, to surrender the\nbonds or their ownership for an amount of payment previously established in or\npursuant to the bond proceedings, at times, which may, but need not be, consistent\nwith the ends of interest rate periods and which may be altered with or without the\napproval or consent, or upon the direction of, the absolute obligor or the issuer, as\nprovided for in the bond proceedings;\n(25) \"Refund\" means to fund and retire outstanding bonds, including advance refunding\nwith or without payment or redemption prior to stated maturity;\n(26) \"Remarketing agent\" means the person having responsibility for marketing or\nremarketing commercial paper or bonds with put arrangements, which may include\nresponsibility for making recommendations or determinations as to prices or interest\nrates;\n(27) \"Revenues\" means:\n(a) All moneys received by a district with respect to the lease, sub lease, or sale,\nincluding installment sale, conditional sale, or sale under a lease -purchase\nagreement, of a project;\n(b) All moneys received by a district under an agreement pursuant to KRS\n184.395;\n(c) Any gift or grant received with respect to a project;\n(d) All moneys received from increment bonds issued in accordance with the\nestablishment of a local development area under KRS 65.7041 to 65.7083;\nand\n(e) Proceeds of bonds issued under KRS 184.350 to 184.395 to the extent the use\nthereof for payment of principal or of premium, if any, or interest on the bonds\nis authorized by the district, proceeds from any insurance, condemnation, or\nguaranty pertaining to a project or property mortgaged to secure bonds or\npertaining to the financing of a project, and i ncome and profit from the\ninvestment of the proceeds of bonds or of any revenues;\n(28) \"Special funds\" means the applicable bond service fund and any accounts and\nsubaccounts in that fund, any other funds or accounts permitted by, established\nunder, and id entified as a special fund or special account in the bond proceedings,\nincluding any special fund or account established for purposes of rebate or other\nrequirements under federal income tax laws; and\n(29) \"Transportation improvement district\" or \"district \" means a transportation\nimprovement district established pursuant to KRS 184.353.","path":["KRS Chapter 184"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53013","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:36Z","sha256":"c0c3a32bcd6c50edc583fd51ff39d5a4fd8407d68daee71efeb9b717c57321aa","source_id":"us-ky","stale":false,"prev":"us-ky/krs-184.300","next":"us-ky/krs-184.353"},"notice":"GroundRules: Original legal text. Not legal advice."}