{"data":{"id":"us-ky/krs-353.404","jurisdiction":"us-ky","citation":"KRS 353.404","heading":"Creation of natural gas acquisition authority -- Components of agreement","body":"-- Public agency status -- Election of authority formation method.\n(1) Any two (2) or more municipal utilities may enter into an agreement pursuant to\nKRS 65.240 for the creation  of a gas acquisition authority to accomplish their joint\nand cooperative action in the acquisition, transportation, storage, and management\nof natural gas and in related services and functions which are necessary or desirable\nto provide adequate, dependab le, and economical supplies of natural gas. The\nagreement shall:\n(a) Specify the matters required by KRS 65.250(1);\n(b) Be approved by resolution by the governing body of each municipal utility\nthat is a party to the agreement;\n(c) Prior to and as a condition precedent to its entry into force, be submitted to the\nappropriate state agency, which shall determine whether the agreement is in\nproper form and compatible with the laws of the Commonwealth, including\nthis chapter, in the manner specified in KRS 65.260(2); and\n(d) Be filed as provided in KRS 65.290.\n(2) An agreement creating a gas acquisition authority or an amendment to an agreement\npreviously entered into under the Interlocal Cooperation Act, KRS 65.210 to\n65.300:\n(a) Shall establish the governing b ody of the authority and authorize it to adopt\nbylaws and establish committees for the conduct of its business;\n(b) May provide for one (1) or more classes of members of the authority and that\nadditional municipal utilities may become members of the authority; and\n(c) Shall provide that the authority shall remain in existence until the later of fifty\n(50) years from the date of the agreement or amendment, or one (1) year after\nthe authority has fully paid and discharged all of its indebtedness and has fully\nperformed all of its contractual obligations.\n(3) A gas acquisition authority shall constitute an agency and instrumentality for\naccomplishing essential government functions of the municipal utilities creating and\nestablishing it, shall be a political sub division and a public body corporate of the\nCommonwealth, and shall be a public agency within the meaning of KRS 65.230. A\ngas acquisition authority is subject to the open meeting laws of KRS 61.800 to\n61.850, and the public record laws of KRS 61.870 to 61 .884, provided that the\nbylaws of the authority may specify that committees of its governing body may\nconduct meetings through telephone conference under standards and procedures\nconsistent with video teleconferences under KRS 61.826.\n(4) Any separate lega l entity previously created pursuant to KRS 65.240 of the\nInterlocal Cooperation Act to provide supplies of natural gas to two (2) or more\nmunicipal utilities in the Commonwealth may elect to become a gas acquisition\nauthority upon:\n(a) The adoption of app roving resolutions by its governing body and the\ngoverning body of the municipal utilities; and\n(b) The filing of the resolutions in their official records and with the Secretary of\nState.\nAn election under this subsection shall not modify, limit, or affe ct the validity or\nenforceability of any contract, bond, or obligation previously executed or incurred\nby the separate legal entity.","path":["KRS Chapter 353"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33091","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:39Z","sha256":"b15530eb2a432ed1d44876a5d1b88f8db4433166e13dcf1b52cf0a265df83057","source_id":"us-ky","stale":false,"prev":"us-ky/krs-353.402","next":"us-ky/krs-353.406"},"notice":"GroundRules: Original legal text. Not legal advice."}