{"data":{"id":"us-ky/krs-56.450","jurisdiction":"us-ky","citation":"KRS 56.450","heading":"State Property and Buildings Commission -- Issuance of revenue bonds.","body":"(1) There is recognized, as an independent agency of the state within the meaning of\nKRS Chapter 12, and as a constituted authority of the Commonwealth of Kentucky,\na state and a sovereign entity within the meaning of regulations of the United States\nDepartment of the Treasury, Internal Revenue Service, a State Property and\nBuildings Commission composed of the Governor, who shall be chairman thereof,\nthe Lieutenant Governor who shall be vice chairman of the commission, the\nAttorney General, the secretary of the  Cabinet for Economic Development, the\nexecutive director of the Office of the Controller, the state budget director, and the\nsecretary of the Finance and Administration Cabinet, or their alternates as\nauthorized in subsection (5) of this section.\n(2) No member of the commission shall receive any salary, fee, or other remuneration\nfor his services as a member of the commission, but each member shall be entitled\nto be reimbursed for his ordinary traveling expenses, including meals and lodging,\nincurred in the performance of his duties.\n(3) The commission shall constitute a public body corporate with perpetual succession\nand power in its name to contract and be contracted with, sue and be sued, adopt\nbylaws, have and use a corporate seal, and exercise all of t he powers granted to\nprivate corporations generally in KRS Chapter 271B, except as that chapter may be\ninconsistent with KRS 56.440 to 56.550.\n(4) Subject to the provisions of KRS 56.550, but notwithstanding any other provision\nof the Kentucky Revised Stat utes to the contrary, all revenue bonds issued by state\nagencies, except as provided in this chapter (but not including bonds issued directly\nby and in the name of the Commonwealth of Kentucky under authorization of the\nexecutive cabinet), shall be issued under the provisions of this chapter. As an\nadditional and alternative method for the issuance of revenue bonds under the\nprovisions of this chapter, upon application of any state agency and approval by the\ncommission, the commission acting for and on behalf of said state agency may issue\nrevenue bonds in its own name, in accordance with the terms and provisions of\nKRS Chapter 58, secured by and payable solely from all or any part of the revenues\nof the state agency as may be specified and provided in the a pproved application.\nAny covenants and undertakings of the state agency in the approved application\nwith regard to the production of revenues and the use, application, or disposition\nthereof may be enforced by the holders of any of the revenue bonds or by any\ntrustee for such bondholders. The issuance of any revenue bonds for the state or any\nof its agencies by or on behalf of the Kentucky Economic Development Finance\nAuthority and the issuance of any revenue bonds for economic development\nprojects authorized by Acts 1980, Ch. 109, shall require the prior approval of the\nState Property and Buildings Commission. In issuing bonds under its own name, or\nin approving issuance of bonds by other state agencies, the commission shall be\ndeemed to be acting for the s tate government of the Commonwealth of Kentucky as\none (1) unit within the meaning of the regulations of the United States Department\nof the Treasury, Internal Revenue Service, and it shall be limited to the issuance of\nbonds to accomplish the public purposes of that unit.\n(5) (a) Each member of the commission may designate, by an instrument in writing\nover his signature and filed with the secretary as a public record of the\ncommission, an alternate with full authority to attend in the absence of the\nappointing member for any reason, any properly convened meeting of the\ncommission and to participate in the consideration of, and voting upon,\nbusiness and transactions of the commission. Any designation of an alternate\nmay, in the discretion of the appointing m ember, be limited upon the face of\nthe appointing instrument, to be effective only for a designated meeting or\nonly for specified business; or the same may be shown on the face of the\nappointing instrument to be on a continuing basis (but in no case for a period\nof more than four (4) years), whenever the appointing member is unable to\nattend, but always subject to revocation by the appointing member in an\ninstrument of like formality, similarly filed with the secretary as a public\nrecord of the commission. Any party transacting business with the\ncommission, or materially affected thereby, shall be entitled to accept and rely\nupon a joint certificate of the secretary of the commission and any member of\nthe commission concerning the designation of any alternat e, the time of\ndesignation, the scope thereof, and if of a continuing nature, whether the same\nhas been revoked, and when; and the joint certificate shall be made and\ndelivered to any such party within a reasonable time after written request is\nmade theref or with acceptable identification of the business or transaction\nreferred, and of the requesting party's interest therein. Each alternate shall be a\nperson on the staff of the appointing member, or in the employ of his agency\nor department of the government of the Commonwealth, as the case may be.\n(b) Any four (4) members of the commission, or their alternates authorized under\nparagraph (a) of this subsection, shall constitute a quorum and shall by\nmajority vote be authorized to transact any and all busines s of the\ncommission.\n(c) The State Property and Buildings Commission is reconstituted as of October\n1, 1976, with the powers herein provided.","path":["KRS Chapter 56"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22635","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:11Z","sha256":"d56badb9dd6cbb9b3492e5f516e94eeda7699de5cfffbdff8bfc1c43de6b57d3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-56.440","next":"us-ky/krs-56.460"},"notice":"GroundRules: Original legal text. Not legal advice."}