{"data":{"id":"us-ky/krs-45a.850","jurisdiction":"us-ky","citation":"KRS 45A.850","heading":"Selection of underwriter and bond counsel for various agencies --","body":"Comanaging underwriters -- Review by Capital Projects and Bond Oversight\nCommittee.\n(1) (a) Pursuant to KRS 45A.853 and 45A.857, one (1) or more underwriters and one\n(1) or more bond couns el firms shall be chosen for each of the following\nagencies:\n1. Turnpike Authority of Kentucky;\n2. Kentucky Housing Corporation;\n3. Kentucky Infrastructure Authority;\n4. Kentucky Higher Education Student Loan Corporation;\n5. Kentucky River Authority;\n6. Kentucky Agricultural Finance Corporation;\n7. Kentucky Local Correctional Facilities Construction Authority;\n8. State Property and Buildings Commission; and\n9. Kentucky Public Transportation Infrastructure Authority.\n(b) The underwriter and the bond counsel chosen for each agency shall provide\ntheir services for all bond issuances over a period of twelve (12) months from\ntheir selection. At the conclusion of the twelve (12) month period, the\nexecutive director may continue the employment of the underwriter or  the\nbond counsel, on the same terms and conditions, for another twelve (12)\nmonth period. If the employment is not continued, the choosing of an\nunderwriter or bond counsel, as appropriate, shall be conducted pursuant to\nKRS 45A.853 and 45A.857.\n(2) (a) Pursuant to KRS 45A.853 and 45A.857, one (1) or more underwriters and one\n(1) or more bond counsel firms shall be chosen to provide their services for all\nof the following agencies:\n1. School Facilities Construction Commission;\n2. Murray State University;\n3. Western Kentucky University;\n4. University of Louisville when it declines to exercise the authority\ngranted under KRS 164A.585(1) and 164A.605;\n5. Northern Kentucky University;\n6. Kentucky State University;\n7. University of Kentucky when it declines to exercise the authority\ngranted under KRS 164A.585(1) and 164A.605;\n8. Morehead State University;\n9. Eastern Kentucky University; and\n10. Kentucky Community and Technical College System.\n(b) The underwriter and the bond counsel chosen for all of the agencie s shall\nprovide their services for all bond issuances of the agencies for a period of\ntwelve (12) months from the underwriter's and the bond counsel's selection.\nAt the conclusion of the twelve (12) month period, the executive director may\ncontinue the employment of the underwriter or the bond counsel, on the same\nterms and conditions, for another twelve (12) month period. If the\nemployment is not continued, the choosing of an underwriter or bond counsel,\nas appropriate, shall be conducted pursuant to KRS 45A.853 and 45A.857.\n(3) Pursuant to KRS 45A.853 and 45A.857, one (1) or more financial advisors,\nmanaging underwriters, and remarketing agents and one (1) bond counsel shall be\nchosen for the Kentucky Asset/Liability Commission. The commission shall enter\ninto agreements with the individuals or entities for a maximum contract period of\ntwenty-four (24) months. At the conclusion of the contract period, the executive\ndirector may continue the employment of the financial advisor, underwriter,\nremarketing agent , or bond counsel for another contract period, not to exceed\ntwenty-four (24) months. If the employment is not continued or terminated, the\nselection of a financial advisor, underwriter, remarketing agent, or bond counsel, as\nappropriate, shall be conducted pursuant to KRS 45A.853 and 45A.857.\n(4) The office may select national comanaging underwriters and Kentucky comanaging\nunderwriters who shall provide national and local marketing expertise for bond\nissuances. The executive director shall recommend to th e secretary of the Finance\nand Administration Cabinet the number of national and Kentucky comanaging\nunderwriters, if any, to be utilized on each bond issuance. The executive director\nshall consider the following issues when making the recommendations:\n(a) Principal amount of bonds being issued;\n(b) Structure of the bond issue; and\n(c) Composition of expected buyers of the bonds.\nKentucky comanaging underwriters shall be selected pursuant to a request for\nproposals. National comanaging underwriters shall b e selected pursuant to an\nadministrative regulation promulgated by the office. For specific bond transactions\nunder subsection (1) of this section, the executive director may recommend to the\nsecretary of the Finance and Administration Cabinet as a managin g underwriter the\nKentucky underwriter which received the highest score for its proposal pursuant to\nthis section. Comanaging underwriters selected pursuant to this subsection shall\nprovide their services to a bond issuing agency as needed over the appropr iate\nperiod of time stated in this section.\n(5) If the executive director recommends to the secretary of the Finance and\nAdministration Cabinet a Kentucky underwriter as provided by subsection (4) of\nthis section, and the secretary orders that procurement proceed pursuant to KRS\n45A.857, the requirements, review, and recommendation of the Capital Projects and\nBond Oversight Committee as provided by KRS 45.810 shall apply.","path":["KRS Chapter 45A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44515","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:08Z","sha256":"0383d1f6dbfc8180bc62e8b20b0d2b430886b634b3c559f1a1c5db5f838c8db7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-45a.847","next":"us-ky/krs-45a.853"},"notice":"GroundRules: Original legal text. Not legal advice."}