{"data":{"id":"us-ky/krs-353.756","jurisdiction":"us-ky","citation":"KRS 353.756","heading":"Purpose of authority -- Powers of the authority.","body":"The primary purpose of the authority shall be to provide a financing mechanism for\nprojects, as defined in KRS 353.750(5), that will increase severance tax revenue for\nKentucky, create jobs for Kentuckians, and create a competitive advantage in\nenvironmentally responsible energy development. In doing so, the authority may:\n(1) Determine the number and location of projects, in order to prevent duplication of\neffort and unnecessary costs, and study the needs within the natural gas, coalbed\nmethane gas, and ot her gas product industries regarding storage, gathering, and\ntransportation;\n(2) Facilitate the construction, reconstruction, improvement or repair of any gas\ntransmission pipeline and appurtenant facilities in this state;\n(3) Acquire and convey real estat e and any improvements, buildings, and facilities\nlocated thereon for which a project is undertaken, in the manner and under the terms\nas may be set forth in the agreement;\n(4) Issue revenue bonds, and revenue bond anticipation notes of the authority payab le\nsolely from the revenues, rentals, and other funds pledged for their payment, for the\npurpose of paying any part of the cost of any one (1) or more projects and refunding\nany bonds;\n(5) Grant, convey, assign, or lease any easement or rights of way that are acquired,\nowned, or leased by the authority and related to a project;\n(6) Employ consulting engineers, attorneys, accountants, construction and financial\nexperts, managers, and other employees and agents who, in the judgment of the\nauthority, are necessary and fix their compensation;\n(7) Enter into contracts with parties that are necessary and incidental to the performance\nof its duties and execution of its powers under KRS 353.750 to 353.776;\n(8) Establish and enforce rules and specifications regarding  any project undertaken by\nthe authority, except during any period when the powers are assigned to a lessee\npursuant to a lease agreement. The rules and specifications shall be consistent with\nfederal and state laws and regulations pertaining to gas pipelines;\n(9) Receive, accept, and expend funds or other contributions from any source, both\npublic and private, for or in aid of any project undertaken by the authority;\n(10) Create and establish a debt service reserve pursuant to proceedings and trust\nindenture of the authority; and\n(11) Do all things and perform all acts desirable, necessary, and proper to carry out the\npowers expressly granted to the authority by KRS 353.750 to 353.776, including\nrecommending the promulgation of administrative regulations an d enactment of\nlegislation.","path":["KRS Chapter 353"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33153","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:40Z","sha256":"7f535e0ff7fd4bc5bbd8646b4b3efca670554712271810f9bec4919b120f61f7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-353.754","next":"us-ky/krs-353.758"},"notice":"GroundRules: Original legal text. Not legal advice."}