{"data":{"id":"us-ky/krs-45a.867","jurisdiction":"us-ky","citation":"KRS 45A.867","heading":"Emergency procedure.","body":"(1) Notwithstanding the other provisions of KRS 45A.840 to 45A.879, this section\nshall govern the selection of an underwriter or a bond counsel in the case of a bona\nfide emergency.\n(2) A bona fide emergency shall be deemed to exist only where the executive di rector\nhas certified to the secretary of the Finance and Administration Cabinet that an\nemergency, threatening substantial interests of the Commonwealth, has arisen from:\n(a) A change in the federal tax law; or\n(b) A situation other than a change in the fe deral tax law, and the secretary of the\nFinance and Administration Cabinet has stated in writing that he has\nindependently concluded that the situation constitutes an emergency which\nthreatens substantial interests of the Commonwealth.\n(3) (a) The cabinet secretary shall forward to the Capital Projects and Bond Oversight\nCommittee the certificate created pursuant to subsection (2)(a) of this section\nor the certificate and the secretary's independent conclusion written pursuant\nto subsection (2)(b) of this section.\n(b) The secretary shall also confer with the executive director to determine what\nmeasures should be taken to select an underwriter or a bond counsel.\n(4) Within thirty (30) days of the selection of an underwriter or a bond counsel pursuant\nto this  section, the executive director, or his designee, shall appear before the\nCapital Projects and Bond Oversight Committee to report on the emergency\nselection. The report shall include:\n(a) The materials referred to in subsection 3(a) of this section;\n(b) His own description of the bona fide emergency;\n(c) The procedure used for selecting the underwriter or bond counsel;\n(d) The nature of the services that the underwriter or bond counsel will provide;\n(e) The length of time for which the firm will provide these services; and\n(f) The costs connected with employing the underwriter or bond counsel.","path":["KRS Chapter 45A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22502","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:08Z","sha256":"60ac9837285b3239f3f1717ae9686b4d25970b787f4edaf14e0efd6e8e89ad20","source_id":"us-ky","stale":false,"prev":"us-ky/krs-45a.863","next":"us-ky/krs-45a.870"},"notice":"GroundRules: Original legal text. Not legal advice."}