{"data":{"id":"us-ky/krs-45.763","jurisdiction":"us-ky","citation":"KRS 45.763","heading":"Requirement for General Assembly authorization before state agencies,","body":"institutions of higher education, or affiliated corporations enter into certain\nreal property agreements -- General Assembly approval of capital projects\nusing public-private delivery method.\n(1) Notwithstanding any statutory provisions to the contrary, any state agency as\ndefined in KRS 7A.010, institution of higher education defined as an institution in\nKRS 164A.550, or affiliated corporation as defined in KRS 164A.550, shall o btain\nauthorization from the General Assembly prior to entering into an agreement\nidentified in subsection (2) of this section. The General Assembly authorization\nshall occur only when the General Assembly enacts legislation specifically\nauthorizing the agreement.\n(2) General Assembly authorization shall be required for an agreement for the use,\npurchase, or acceptance of real property of any value, or equipment with a value in\nexcess of four hundred thousand dollars ($400,000), if:\n(a) The agreement provid es that the state, a state agency, institution of higher\neducation, or affiliated corporation will become the owner of the real property\nor equipment at any time; and\n(b) All or any portion of the purchase price of the real property or equipment is\nfunded through the issuance of a financial instrument which requires payment\nof principal and interest over time, including, but not limited to, notes, bonds,\nsecurities, and certificates of participation, regardless of the identity of the\nissuer.\n(3) For any capital projects authorized by KRS 45A.077 and utilizing the public-private\npartnership delivery method, the General Assembly has authorization through the\nCapital Projects and Bond Oversight Committee to review and approve a project in\naccordance with KRS 45 .800. The contracting body shall report a capital project to\nthe Capital Projects and Bond Oversight Committee after negotiations are complete\nwith the project partner but prior to beginning work on the project for review and\napproval by the committee.","path":["KRS Chapter 45"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=45597","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:05Z","sha256":"912862ef9e12a4a2bc0cc8b9cd62dcb80acfa6da3b7338ca8b588ce800d521c0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-45.760","next":"us-ky/krs-45.765"},"notice":"GroundRules: Original legal text. Not legal advice."}