{"data":{"id":"us-ky/krs-45a.877","jurisdiction":"us-ky","citation":"KRS 45A.877","heading":"Reimbursement of underwriters for counsel retained by them for bond","body":"issuance -- Prohibition against state employee's recommending selection.\n(1) The office shall establish and maintain a schedule of rates at which underwriters\nwill be reimbursed for fees and expenses of counsel they retain for a bond issuance.\n(2) Employees of the Commonwealth shall be prohibited from directly or indirectly\nrecommending the selection of the underwriter's counsel. This section shall not be\ndeemed to prohibit the creatio n of a list of qualified firms to assist underwriters in\nthe selection of their counsel or from otherwise making general information\nregarding law firms available to underwriters.\n(3) For each bond issuance, the secretary of the Finance and Administration Cabinet\nand the executive director shall certify to the Capital Projects and Bond Oversight\nCommittee that neither they, or, to the best of their knowledge, anyone involved in\nthe selection process, attempted to recommend the hiring of any law firm by an\nunderwriter.\n(4) If the Capital Projects and Bond Oversight Committee determines that an employee\nof the Commonwealth has, at the request of a law firm, recommended the selection\nof an underwriter's counsel relating to a bond issuance in an attempt to exerc ise\ninfluence on the selection process, the committee shall recommend to the secretary\nof the Finance and Administration Cabinet that the firm be prohibited from serving\nas bond counsel or underwriter's counsel for a bond issuance for a period of two (2)\nyears, commencing on the date of the determination. The secretary shall follow the\nrecommendation or submit the reasons for not following the recommendation in\nwriting to the committee.","path":["KRS Chapter 45A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22505","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:08Z","sha256":"f1eb238e2cd73b8210ecec77f3e4de4bbe96034c887739f9e014f4645458806b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-45a.873","next":"us-ky/krs-45a.879"},"notice":"GroundRules: Original legal text. Not legal advice."}