{"data":{"id":"us-ky/krs-26a.162","jurisdiction":"us-ky","citation":"KRS 26A.162","heading":"Determination of use allowance -- Presumption of twenty year bond issue -","body":"- Standards for longer term of issue -- Legislative oversight.\n(1) The use allowance in the judicial branch budget recommendation submitted under\nKRS 48.100 shall be determined as if bonds will be issued for a term of twenty (20)\nyears at the prevailing market rate, computed from the estimated date that the Court\nof Justice will occupy the facility. If the market rate for the bonds has increased\nwhen the bonds are to be sold, the director of the Administrative Office of the\nCourts may approve an extension in the bond term, up to a total of twenty -five (25)\nyears, but only as necessary to keep the annual use allowance within the budgeted\namount. All bonds issued by any local unit of  government for court facilities\nprojects shall be limited to the term approved by the Administrative Office of the\nCourts.\n(2) Before approving any bond issue for a term exceeding twenty -five (25) years, the\ndirector of the Administrative Office of the Co urts shall submit a proposal for the\nextended term to the Interim Joint Committee on Appropriations and Revenue and\nthe Capital Projects and Bond Oversight Committee. The proposal shall include a\nstatement of the necessity for the extended bond term and th e impact of the\nextended term on the project's budgeted scope and authorized annual use allowance.\n(3) Within thirty (30) days after receiving a proposal to extend a bond term beyond\ntwenty-five (25) years, the Interim Joint Committee on Appropriations and Revenue\nand the Capital Projects and Bond Oversight Committee shall either approve or\ndisapprove the proposal and shall then promptly notify the director of the\nAdministrative Office of the Courts. If either committee disapproves the proposal,\nthe directo r of the Administrative Office of the Courts shall take one (1) of the\nfollowing actions and shall notify the committee of its decision in writing within\nthirty (30) days:\n(a) Disapprove and take no further action on the proposal;\n(b) Revise the proposal to comply with the committee's objections; or\n(c) Determine to approve and proceed with the proposal over the committee's\nobjection.","path":["KRS Chapter 26A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=20899","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:46Z","sha256":"c00d71a1ae15ce26abbcec57869b8b84f998c6d04fd52f7f613a6b36ecb8df6f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-26a.160","next":"us-ky/krs-26a.164"},"notice":"GroundRules: Original legal text. Not legal advice."}